Company:
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
Corporate address:
|
Bolívar 108 – Buenos Aires, Argentina
|
Principal activity:
|
Real estate investment and development
|
DATE OF REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE | ||
Of the By-laws: | June 23, 1943 | |
Of last amendment: | February 12, 2008 | |
Registration number with the Superintendence of Corporations:
|
213,036 | |
Duration of the Company: | April 05, 2043 | |
Controlling Company: | Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresud S.A.C.I.F. y A.) | |
Corporate Domicile: | Moreno 877, Buenos Aires, Argentina | |
Principal Activity: | Agricultural, livestock and real estate investment | |
Shareholding: | 63.22% |
CAPITAL COMPOSITION (Note 14 a. to the Basic Financial Statements)
|
|||
Type of share
|
Authorized for
Public Offer of Shares (*)
|
In thousands of pesos
|
|
Subscribed
|
Paid in
|
||
Common share, 1 vote each
|
578,676,460
|
578,676
|
578,676
|
December 31, 2011
|
June 30, 2011
|
December 31, 2011
|
June 30, 2011
|
||||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and banks (Note 4)
|
217,951 | 168,170 |
Trade accounts payable (Note 11)
|
161,916 | 153,149 | ||||||||||||
Investments (Note 5)
|
170,330 | 210,183 |
Customer advances (Note 12)
|
225,634 | 232,863 | ||||||||||||
Accounts receivable, net (Note 6)
|
302,544 | 248,998 |
Short-term debt (Note 13)
|
792,174 | 683,813 | ||||||||||||
Other receivables (Note 7)
|
146,628 | 155,169 |
Salaries and social security payable (Note 14)
|
27,329 | 35,792 | ||||||||||||
Inventories (Note 8)
|
229,593 | 262,660 |
Taxes payable (Note 15)
|
140,368 | 119,053 | ||||||||||||
Total Current Assets
|
1,067,046 | 1,045,180 |
Other liabilities (Note 16)
|
47,717 | 79,068 | ||||||||||||
Subtotal Current Liabilities
|
1,395,138 | 1,303,738 | |||||||||||||||
Provisions (Note 17)
|
6,396 | 2,019 | |||||||||||||||
Total Current Liabilities
|
1,401,534 | 1,305,757 | |||||||||||||||
NON-CURRENT LIABILITIES
|
|||||||||||||||||
Trade accounts payable (Note 11)
|
24 | 47 | |||||||||||||||
NON-CURRENT ASSETS
|
Customer advances (Note 12)
|
105,302 | 94,244 | ||||||||||||||
Accounts receivable, net (Note 6)
|
18,586 | 14,300 |
Long-term debt (Note 13)
|
1,840,947 | 1,756,919 | ||||||||||||
Other receivables (Note 7)
|
178,922 | 161,331 |
Taxes payable (Note 15)
|
299,589 | 328,692 | ||||||||||||
Inventories (Note 8)
|
92,760 | 89,441 |
Other liabilities (Note 16)
|
17,749 | 18,129 | ||||||||||||
Investments (Note 5)
|
2,010,128 | 1,946,145 |
Subtotal Non-Current Liabilities
|
2,263,611 | 2,198,031 | ||||||||||||
Fixed assets, net (Note 9)
|
3,372,045 | 3,405,851 |
Provisions (Note 17)
|
12,267 | 12,881 | ||||||||||||
Intangible assets, net
|
50,570 | 42,362 |
Total Non-Current Liabilities
|
2,275,878 | 2,210,912 | ||||||||||||
Subtotal Non-Current Assets
|
5,723,011 | 5,659,430 |
Total Liabilities
|
3,677,412 | 3,516,669 | ||||||||||||
Negative goodwill, net (Note 10)
|
(368,036 | ) | (389,300 | ) |
Minority interest
|
315,304 | 316,826 | ||||||||||
Total Non-Current Assets
|
5,354,975 | 5,270,130 |
SHAREHOLDERS´ EQUITY
|
2,429,305 | 2,481,815 | ||||||||||||
Total Assets
|
6,422,021 | 6,315,310 |
Total Liabilities and Shareholders´ Equity
|
6,422,021 | 6,315,310 |
.
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
Revenues
|
739,613 | 697,675 | ||||||
Costs
|
(257,977 | ) | (270,431 | ) | ||||
Gross profit
|
481,636 | 427,244 | ||||||
Selling expenses
|
(45,550 | ) | (61,381 | ) | ||||
Administrative expenses
|
(105,231 | ) | (106,152 | ) | ||||
Subtotal
|
(150,781 | ) | (167,533 | ) | ||||
Gain from recognition of inventories at net realizable value
|
35,248 | 35,930 | ||||||
Net gain from retained interest in securitized receivables
|
- | 5,042 | ||||||
Operating income (Note 3)
|
366,103 | 300,683 | ||||||
Amortization of negative goodwill, net
|
8,865 | 1,819 | ||||||
Financial results generated by assets:
|
||||||||
Interest income
|
11,144 | 12,314 | ||||||
Foreign exchange gain
|
17,429 | 9,349 | ||||||
Other holding results
|
(19,519 | ) | 11,511 | |||||
Subtotal
|
9,054 | 33,174 | ||||||
Financial results generated by liabilities:
|
||||||||
Interest expense
|
(136,217 | ) | (101,822 | ) | ||||
Foreign exchange loss
|
(91,853 | ) | (20,655 | ) | ||||
Other financial expenses
|
(6,526 | ) | (1,951 | ) | ||||
Subtotal
|
(234,596 | ) | (124,428 | ) | ||||
Financial results, net (Note 18 a.)
|
(225,542 | ) | (91,254 | ) | ||||
Gain on equity investees
|
58,570 | 73,721 | ||||||
Other expenses, net (Note 18 b.)
|
(7,987 | ) | (15,279 | ) | ||||
Income before taxes and minority interest
|
200,009 | 269,690 | ||||||
Income tax and Minimum Presumed Income Tax (MPIT)
|
(65,313 | ) | (49,071 | ) | ||||
Minority interest
|
(1,644 | ) | (50,061 | ) | ||||
Net income for the period
|
133,052 | 170,558 | ||||||
Earnings per share (Note 13 to the Unaudited Basic Financial Statements)
|
||||||||
Basic net income per share
|
0.230 | 0.295 | ||||||
Diluted net income per share
|
0.230 | 0.295 |
.
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
CHANGES IN CASH AND CASH EQUIVALENTS
|
||||||||
Cash and cash equivalents as of the beginning of the year
|
312,274 | 151,354 | ||||||
Cash and cash equivalents as of the end of the period
|
333,504 | 297,708 | ||||||
Net Increase in cash and cash equivalents
|
21,230 | 146,354 | ||||||
CAUSES OF CHANGES IN CASH AND CASH EQUIVALENTS
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income for the period
|
133,052 | 170,558 | ||||||
Adjustments to reconcile net income to cash flows from operating activities:
|
||||||||
Income tax and MPIT
|
65,313 | 49,071 | ||||||
Gain on equity investees
|
(58,570 | ) | (73,321 | ) | ||||
Amortization of negative goodwill, net
|
(8,865 | ) | (1,819 | ) | ||||
Minority interest
|
1,644 | 50,061 | ||||||
Gain from recognition of inventories at net realizable value
|
(35,248 | ) | (35,930 | ) | ||||
Allowances and provisions
|
19,656 | 32,460 | ||||||
Depreciation and amortization
|
86,971 | 79,148 | ||||||
Accrued interest
|
99,881 | 97,007 | ||||||
Financial results, net
|
135,012 | (1,363 | ) | |||||
Long-term incentive program reserve (Note 23 to the Unaudited Basic Financial Statements)
|
2,396 | - | ||||||
Net carrying value of fixed assets sold
|
1,138 | (255 | ) | |||||
Net loss from the derecognition of intangible assets
|
(536 | ) | - | |||||
Gain from Inventory barter transactions
|
- | (19,332 | ) | |||||
Net income from sales of real estate property
|
(3,297 | ) | - | |||||
Additions of intangible assets
|
(1,438 | ) | - | |||||
Changes in certain assets and liabilities net of non-cash transactions and effects of acquisitions:
|
||||||||
Increase in accounts receivable, net
|
(49,161 | ) | (121,393 | ) | ||||
Decrease (Increase) in other receivables
|
3,914 | (28,530 | ) | |||||
Decrease in inventories
|
71,372 | 27,174 | ||||||
(Increase) in intangible assets, net
|
- | (2,082 | ) | |||||
Increase in trade accounts payable
|
18,741 | 78,907 | ||||||
(Decrease) in taxes payable, salaries and social security payable
|
(90,083 | ) | (79,924 | ) | ||||
Increase in customer advances
|
2,982 | 27,411 | ||||||
Decrease in other liabilities
|
(22,524 | ) | (27,932 | ) | ||||
Net cash provided by operating activities
|
372,350 | 219,916 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Net loans collections
|
- | 40 | ||||||
Advance payments for the acquisition of shares
|
- | (1,185 | ) | |||||
Increase in current investments
|
(1,371 | ) | (2,927 | ) | ||||
Share-holding increase in equity investees
|
(24,040 | ) | (788,963 | ) | ||||
Increase in minority interest
|
212 | - | ||||||
Acquisition of undeveloped parcels of land
|
(200 | ) | (115 | ) | ||||
Acquisition and improvements of fixed assets
|
(49,342 | ) | (33,858 | ) | ||||
(Outflows) Inflows for the acquisition / sale of subsidiaries, net
|
(6,651 | ) | 45,322 | |||||
Collection of dividends
|
2,669 | 2,200 | ||||||
Loans granted to related parties, net
|
(10,684 | ) | 26,314 | |||||
Net cash used in investing activities
|
(89,407 | ) | (753,172 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds (payments) in short-term and long-term debt, net
|
75,842 | (80,059 | ) | |||||
Loans from related parties, net
|
(2,821 | ) | - | |||||
Bank overdrafts, net
|
19,970 | 190,340 | ||||||
Capital contribution by minority owners in related parties
|
6,808 | 2,262 | ||||||
Proceeds from issuance of non-convertible notes, net of expenses
|
- | 607,449 | ||||||
Interest paid
|
(116,993 | ) | (53,542 | ) | ||||
Dividends paid
|
(219,049 | ) | (127,079 | ) | ||||
Payments for the acquisition of shares in related companies
|
(12,524 | ) | (10,399 | ) | ||||
Reimbursement of dividends
|
6,937 | - | ||||||
Proceeds from issuance of non-convertible notes, net of expenses
|
- | 150,638 | ||||||
Payment of non convertible notes
|
(19,883 | ) | - | |||||
Net cash (used in) generated by financing activities:
|
(261,713 | ) | 679,610 | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
21,230 | 146,354 |
.
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
Supplemental cash flow information
|
||||||||
Income tax paid
|
78,450 | 13,486 | ||||||
Non-cash activities:
|
||||||||
Decrease in inventories through an increase in fixed assets
|
- | 9,264 | ||||||
Issuance of Trust Exchangeable Certificates
|
- | 18,786 | ||||||
Increase in non-current investments through a decrease in other liabilities
|
- | 16,044 | ||||||
Increase in non-current investments through a decrease in other receivables
|
- | 36,229 | ||||||
Increase in minority interest through a decrease in other liabilities
|
- | 20,557 | ||||||
Decrease in inventories through an increase in customer advances
|
2,602 | - | ||||||
Decrease in inventories through a decrease in customer advances
|
- | 1,920 | ||||||
Decrease in inventories through a decrease in trade accounts payable
|
10,925 | - | ||||||
Transfer of fixed assets to inventories
|
10,471 | - | ||||||
Decrease in other investments through an increase in inventories
|
- | 64,140 | ||||||
Increase in inventories through a decrease in non-current investments
|
- | 14,541 | ||||||
Cumulative translation adjustment of subsidiaries
|
20,061 | 4,448 | ||||||
Transfer of undeveloped parcels of land to inventories
|
- | 3,030 | ||||||
Increase in other receivables through an increase in taxes payable
|
4,795 | - | ||||||
Decrease in long-term debt through an increase in shareholders´equity
|
38 | - | ||||||
Decrease in intangible assets, through a decrease in trade accounts payable
|
1,153 | - | ||||||
Decrease in other receivables
|
8,025 | - | ||||||
Decrease in account receivable, net
|
646 | - | ||||||
Decrease in non-current investments
|
16,004 | - | ||||||
Decrease in trade accounts payable
|
(7,345 | ) | - | |||||
Decrease in other liabilities
|
(17,330 | ) | - | |||||
Increase in fixed assets, net through an increase in long-term debt
|
- | 53,896 | ||||||
Composition of cash and cash equivalents at the period end
|
||||||||
Cash and Banks
|
217,951 | 102,688 | ||||||
Current investments
|
170,330 | 273,829 | ||||||
Subtotal cash and banks and current investments
|
388,281 | 376,517 | ||||||
Less: (items not considered cash and cash equivalents)
|
||||||||
Mutual funds
|
29,028 | 56,006 | ||||||
Retained interest in securitized receivables
|
- | 1,697 | ||||||
Stock shares
|
17,128 | 20,611 | ||||||
Mortgage bonds issued by Banco Hipotecario S.A.
|
481 | 479 | ||||||
Interest receivable Non-Convertible Notes Cresud S.A.C.I.F. y A.
|
8,127 | - | ||||||
Other investments
|
13 | 16 | ||||||
Cash and cash equivalents
|
333,504 | 297,708 |
.
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
Sale/Acquisition of subsidiaries
|
||||||||
- Accounts receivable, net
|
(1,307 | ) | 278,805 | |||||
- Other receivables
|
(1,436 | ) | 64,299 | |||||
- Investments
|
- | 97,287 | ||||||
- Fixed assets, net
|
(11,885 | ) | 2,829 | |||||
- Intangible assets, net
|
(9,434 | ) | - | |||||
- Trade accounts payable
|
1,684 | (204,255 | ) | |||||
- Customer advances
|
571 | - | ||||||
- Short-term and long-term debt
|
- | (91,173 | ) | |||||
- Salaries and social security payable
|
49 | (11,221 | ) | |||||
- Taxes payable
|
418 | (14,637 | ) | |||||
- Other liabilities
|
64 | 9,381 | ||||||
- Trade accounts payable
|
- | 6,625 | ||||||
Net value of assets deconsolidated/acquired/sold not considered cash and cash equivalents.
|
(21,276 | ) | 137,940 | |||||
- Impairment and sale of investment
|
- | (15,326 | ) | |||||
- Remaining investment
|
- | (28,968 | ) | |||||
- Minority interest
|
(1,434 | ) | (30,388 | ) | ||||
- Negative goodwill, net
|
(12,468 | ) | 3,316 | |||||
Net value of assets deconsolidated/acquired/sold
|
(35,178 | ) | 66,574 | |||||
- Seller financing
|
26,989 | - | ||||||
- Cash in advance
|
1,538 | (21,252 | ) | |||||
Collection/Payment of cash from sale/acquisition of subsidiaries
|
(6,651 | ) | 45,322 |
.
Alejandro G Elsztain
Vice president II
Acting as President
|
NOTE 1:
|
BASIS OF CONSOLIDATION – CORPORATE CONTROL
|
a.
|
Basis of consolidation
|
December 31, 2011
|
June 30, 2011
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||
COMPANIES
|
DIRECT AND INDIRECT % OF CAPITAL
|
DIRECT AND INDIRECT % OF VOTING SHARES
|
||||||||||||||
Ritelco S.A.
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
Palermo Invest S.A.
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
Inversora Bolívar S.A.
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
E-Commerce Latina S.A.
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
Solares de Santa María S.A. (1)
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
Hoteles Argentinos S.A.
|
80.00 | 80.00 | 80.00 | 80.00 | ||||||||||||
Alto Palermo S.A. (“APSA”) (2)
|
94.87 | 94.89 | 94.87 | 94.89 | ||||||||||||
Llao Llao Resorts S.A.
|
50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||
Tyrus S.A. ("Tyrus")
|
100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||
Nuevas Fronteras S.A.
|
76.34 | 76.34 | 76.34 | 76.34 | ||||||||||||
Unicity S.A. (1)
|
100.00 | 100.00 | 100.00 | 100.00 |
(1)
|
See Note 16.7. to the Unaudited Basic Financial Statements
|
(2)
|
See Note 16.2. and 18.2. to the Unaudited Basic Financial Statements
|
NOTE 1:
|
(Continued)
|
a.
|
(Continued)
|
COMPANIES
|
DIRECT AND INDIRECT % OF CAPITAL
|
DIRECT AND INDIRECT % OF VOTING SHARES
|
||||||||||||||
December 31, 2011 | June 30, 2011 | December 31, 2011 | June 30, 2011 | |||||||||||||
Cyrsa S.A. (“CYRSA”) (1)
|
50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||
Canteras Natal Crespo S.A. (2)
|
50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||
Quality Invest S.A.(“Quality”) (3)
|
50.00 | 50.00 | 50.00 | 50.00 |
(1)
|
The Company holds joint control with Cyrela Brazil Realty S.A. Empreendimentos e Partiçipações ("CYRELA"). (See Note 22 A.1.).
|
(2)
|
The Company holds joint control of this company with Euromayor S.A.
|
(3)
|
The Company has joint control of this company with EFESUL S.A (See Note 16.9. to the Unaudited Basic Financial Statements).
|
b.
|
Comparative Information
|
NOTE 1:
|
(Continued)
|
c.
|
Additional information about Tarshop S.A.´s sale
|
Statements of income
|
Financial Statements issued as of December 31, 2010
Ps.
|
Tarshop S.A. as of December 31, 2010
Ps.
|
Financial Statements assuming the sale as of December 31,2010
Ps.
|
|||||||||
Revenues
|
697,675 | (53,887 | ) | 643,788 | ||||||||
Costs
|
(270,431 | ) | 18,032 | (252,399 | ) | |||||||
Gross profit
|
427,244 | (35,855 | ) | 391,389 | ||||||||
Operating income (Note 3)
|
300,683 | (16,454 | ) | 284,229 | ||||||||
Gain on equity investees
|
73,721 | 17,525 | 91,246 | |||||||||
Net income for the period
|
170,558 | - | 170,558 |
Statements of Cash Flows
|
Financial Statements
issued
as of December 31, 2010
Ps.
|
Tarshop S.A. as of December 31, 2010
Ps.
|
Financial Statements
assuming
the sale as of
December 31,2010
Ps.
|
|||||||||
Cash Flow:
|
||||||||||||
-Provided by operating activities
|
219,916 | 22,002 | 241,918 | |||||||||
-(Used in) Provided by investing activities
|
(753,172 | ) | 101 | (753,071 | ) | |||||||
-Provided by (used in) financing activities
|
679,610 | (28,553 | ) | 651,057 |
NOTE 2:
|
SIGNIFICANT ACCOUNTING POLICIES
|
a.
|
Revenue recognition
|
a.
|
(Continued)
|
·
|
Lease agent operations
|
·
|
Consumer Financing operations
|
a.
|
(Continued)
|
·
|
Hotel operations
|
|
b.
|
Investments
|
·
|
Equity investees and other non-current investments
|
|
c.
|
Intangible assets, net
|
|
c.
|
(Continued)
|
NOTE 3:
|
NET INCOME BY BUSINESS SEGMENT
|
·
|
Development and Sale of properties
|
·
|
Office and other Non-Shopping center Rental Properties
|
·
|
Shopping centers
|
NOTE 3:
|
(Continued)
|
·
|
Hotel operations
|
·
|
Consumer financing
|
·
|
Financial operations and others
|
Development and Sale of Properties
|
Office and Other Non-Shopping Center Rental Properties (a)
|
Shopping Centers
|
Hotel Operations
|
Consumer Financing
|
Financial Operations and Others
|
Total
|
||||||||||||||||||||||
Revenues
|
124,166 | 91,205 | 435,980 | 85,034 | 3,228 | - | 739,613 | |||||||||||||||||||||
Costs
|
(94,444 | ) | (15,689 | ) | (90,198 | ) | (55,222 | ) | (2,424 | ) | - | (257,977 | ) | |||||||||||||||
Gross profit
|
29,722 | 75,516 | 345,782 | 29,812 | 804 | - | 481,636 | |||||||||||||||||||||
Selling expenses
|
(9,213 | ) | (4,463 | ) | (22,879 | ) | (10,919 | ) | 1,924 | - | (45,550 | ) | ||||||||||||||||
Administrative expenses
|
(19,166 | ) | (21,645 | ) | (42,617 | ) | (21,523 | ) | (280 | ) | - | (105,231 | ) | |||||||||||||||
Subtotal
|
(28,379 | ) | (26,108 | ) | (65,496 | ) | (32,442 | ) | 1,644 | - | (150,781 | ) | ||||||||||||||||
Gain from recognition of inventories at net realizable value
|
35,248 | - | - | - | - | - | 35,248 | |||||||||||||||||||||
Operating income/(loss)
|
36,591 | 49,408 | 280,286 | (2,630 | ) | 2,448 | - | 366,103 | ||||||||||||||||||||
Depreciation and amortization (b)
|
47 | 11,294 | 69,091 | 6,535 | 4 | - | 86,971 | |||||||||||||||||||||
Acquisition of fixed assets, net and intangible assets, net
|
- | 10,113 | 36,319 | 2,910 | - | - | 49,342 | |||||||||||||||||||||
Non-current investments in equity investees
|
87,560 | 208,804 | - | 295,497 | 39,672 | 977,937 | 1,609,470 | |||||||||||||||||||||
Operating assets
|
736,358 | 1,348,769 | 2,441,498 | 502,588 | 18,506 | 977,937 | 6,025,656 | |||||||||||||||||||||
Non-operating assets
|
37,462 | 31,523 | (179,119 | ) | 73,936 | 44,282 | 388,281 | 396,365 | ||||||||||||||||||||
Total assets
|
773,820 | 1,380,292 | 2,262,379 | 576,524 | 62,788 | 1,366,218 | 6,422,021 | |||||||||||||||||||||
Operating liabilities
|
20,320 | 117,533 | 477,358 | 39,932 | 5,430 | - | 660,573 | |||||||||||||||||||||
Non-operating liabilities
|
524,197 | 468,964 | 1,614,057 | 226,237 | 2,271 | 181,113 | 3,016,839 | |||||||||||||||||||||
Total liabilities
|
544,517 | 586,497 | 2,091,415 | 266,169 | 7,701 | 181,113 | 3,677,412 |
Development and Sale of Properties
|
Office and Other Non-Shopping Center Rental Properties (a)
|
Shopping Centers
|
Hotel Operations
|
Consumer Financing (1)
|
Financial Operations and Others
|
Total
|
||||||||||||||||||||||
Revenues
|
117,329 | 81,712 | 330,736 | 105,106 | 62,792 | - | 697,675 | |||||||||||||||||||||
Costs
|
(87,838 | ) | (14,535 | ) | (83,928 | ) | (62,626 | ) | (21,504 | ) | - | (270,431 | ) | |||||||||||||||
Gross profit
|
29,491 | 67,177 | 246,808 | 42,480 | 41,288 | - | 427,244 | |||||||||||||||||||||
Selling expenses
|
(4,428 | ) | (4,928 | ) | (19,045 | ) | (12,092 | ) | (20,888 | ) | - | (61,381 | ) | |||||||||||||||
Administrative expenses
|
(22,343 | ) | (23,824 | ) | (34,258 | ) | (19,475 | ) | (6,252 | ) | - | (106,152 | ) | |||||||||||||||
Subtotal
|
(26,771 | ) | (28,752 | ) | (53,303 | ) | (31,567 | ) | (27,140 | ) | - | (167,533 | ) | |||||||||||||||
Gain from recognition of inventories at net realizable value
|
35,930 | - | - | - | - | - | 35,930 | |||||||||||||||||||||
Gain from retained interest in securitized receivables
|
- | - | - | - | 5,042 | - | 5,042 | |||||||||||||||||||||
Operating income
|
38,650 | 38,425 | 193,505 | 10,913 | 19,190 | - | 300,683 | |||||||||||||||||||||
Depreciation and amortization (b)
|
217 | 11,247 | 59,888 | 7,099 | 697 | - | 79,148 | |||||||||||||||||||||
Acquisition of fixed assets, net and intangible assets, net
|
14 | 573 | 27,963 | 5,257 | 51 | - | 33,858 | |||||||||||||||||||||
Non-current investments in equity investees (c)
|
84,062 | 207,074 | - | 277,248 | 49,459 | 923,807 | 1,541,650 | |||||||||||||||||||||
Operating assets (c)
|
671,738 | 1,367,767 | 2,413,943 | 479,881 | 26,198 | 1,007,869 | 5,967,396 | |||||||||||||||||||||
Non-operating assets (c)
|
40,754 | 44,846 | (175,462 | ) | 36,913 | 22,510 | 378,353 | 347,914 | ||||||||||||||||||||
Total assets (c)
|
712,492 | 1,412,613 | 2,238,481 | 516,794 | 48,708 | 1,386,222 | 6,315,310 | |||||||||||||||||||||
Operating liabilities (c)
|
24,491 | 137,990 | 402,523 | 39,030 | 31,112 | - | 635,146 | |||||||||||||||||||||
Non-operating liabilities (c)
|
483,151 | 436,886 | 1,568,627 | 198,135 | - | 194,724 | 2,881,523 | |||||||||||||||||||||
Total liabilities (c)
|
507,642 | 574,876 | 1,971,150 | 237,165 | 31,112 | 194,724 | 3,516,669 |
|
|
December 31, 2011
|
June 30, 2011
|
|||||||
Cash on hand
|
2,693 | 1,768 | ||||||
Bank accounts
|
215,258 | 166,402 | ||||||
217,951 | 168,170 |
NOTE 5:
|
INVESTMENTS
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||
Current
|
||||||||
Mutual funds
|
144,581 | 204,167 | ||||||
Stock shares
|
17,128 | 2,912 | ||||||
Mortgage bonds issued by Banco Hipotecario S.A.
|
481 | 477 | ||||||
Other investments
|
13 | 12 | ||||||
Interest receivable Non-Convertible Notes Cresud S.A.C.I.F. y A. (Note 24 B.4.)
|
8,127 | 2,615 | ||||||
Total Current
|
170,330 | 210,183 | ||||||
Non-current
|
||||||||
Banco Hipotecario S.A. (1)
|
971,304 | 917,690 | ||||||
Banco de Crédito & Securitización S.A. (Note 16.10. to the Unaudited Basic Financial Statements)
|
6,633 | 6,117 | ||||||
Hersha Hospitality Trust (Note 22 A.2.)
|
274,107 | 277,248 | ||||||
New Lipstick LLC (Note 22 A.3.)
|
120,854 | 115,946 | ||||||
Rigby 183 LLC (Note 22 A.6.)
|
87,950 | 91,128 | ||||||
Tarshop S.A. (Note 22 B.3.)
|
39,672 | 49,459 | ||||||
Bitania 26 S.A. (Note 22 A.8.)
|
21,390 | - | ||||||
TGLT S.A. (Notes 22 B.12. and 16.8. to the Unaudited Basic Financial Statements)
|
59,031 | 56,381 | ||||||
Manibil S.A.
|
28,529 | 27,681 | ||||||
Advance payments for the acquisition of shares (Note 16.10. to the Unaudited Basic Financial Statements)
|
272 | 1,797 | ||||||
Non-convertible Notes Cresud S.A.C.I.F. y A. (Note 24 B.4.)
|
2,690 | 7,706 | ||||||
Other investments
|
535 | 501 | ||||||
Subtotal
|
1,612,967 | 1,551,654 |
NOTE 5:
|
(Continued)
|
December 31, 2011
|
June 30, 2011
|
|||||||
Undeveloped parcels of land:
|
||||||||
Santa María del Plata
|
158,750 | 158,742 | ||||||
Puerto Retiro (2)
|
54,275 | 54,370 | ||||||
Caballito plot of land
|
45,814 | 45,814 | ||||||
Patio Olmos (Note 22 B.4.)
|
33,385 | 33,475 | ||||||
Zetol plot of land (Note 22 A.5.)
|
33,289 | 31,721 | ||||||
Air Space Coto
|
16,110 | 16,110 | ||||||
Air Space Soleil Factory
|
6,676 | 6,676 | ||||||
Vista al Muelle plot of land (Note 22 A.5.)
|
23,231 | 22,140 | ||||||
Canteras Natal Crespo
|
5,967 | 5,779 | ||||||
Pilar
|
3,408 | 3,408 | ||||||
Other undeveloped parcels of land
|
16,256 | 16,256 | ||||||
Subtotal
|
397,161 | 394,491 | ||||||
Total non-current
|
2,010,128 | 1,946,145 |
|
(1)
|
As of December 31, and June 30, 2011, includes Ps. 25,351 and Ps. 21,863, respectively, as goodwill and higher and lesser values and unrealized profits resulting from intergroup transactions. As of December 31, and June 30, 2011 represents 446,515,208 shares with a quoted value at closing equivalent to Ps. 1.48 and Ps. 2.36 per share, respectively.
|
|
(2)
|
See Note 21 A.(i).
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Leases and services and from the sale of properties receivables
|
116,598 | 18,586 | 97,025 | 14,300 | ||||||||||||
Checks to be deposited
|
111,722 | - | 95,226 | - | ||||||||||||
Consumer financing receivables
|
14,314 | - | 70,248 | - | ||||||||||||
Hotel receivables
|
15,647 | - | 9,954 | - | ||||||||||||
Related parties (Note 19)
|
8,043 | - | 8,767 | - | ||||||||||||
Receivables with collection agents
|
4,616 | - | 4,869 | - | ||||||||||||
Pass-through expenses receivables
|
36,096 | - | 18,953 | - | ||||||||||||
Debtors under legal procedures
|
50,691 | - | 48,954 | - | ||||||||||||
Receivables from the sale of fixed assets
|
- | - | 4,034 | - | ||||||||||||
Notes receivables
|
12,537 | - | 5,987 | - | ||||||||||||
Credit cards receivables
|
523 | - | 497 | - | ||||||||||||
Less:
|
||||||||||||||||
Allowance for leases, services and from sale of properties receivables and consumer financing receivables
|
(67,789 | ) | - | (114,946 | ) | - | ||||||||||
Allowance for hotel receivables
|
(454 | ) | - | (570 | ) | - | ||||||||||
302,544 | 18,586 | 248,998 | 14,300 |
NOTE 7:
|
OTHER RECEIVABLES
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Related parties (Note 19)
|
45,384 | 434 | 42,270 | 415 | ||||||||||||
Prepaid expenses and services
|
36,254 | 4,018 | 43,632 | 3,114 | ||||||||||||
Value Added Tax (“VAT”)
|
38,202 | 44,009 | 42,386 | 49,059 | ||||||||||||
Gross revenue tax
|
5,337 | 1,225 | 6,947 | 1,067 | ||||||||||||
MPIT
|
2,565 | 91,205 | 1,824 | 84,492 | ||||||||||||
Income tax, net
|
1 | - | 2,373 | - | ||||||||||||
Loans granted, net
|
684 | - | 644 | - | ||||||||||||
Deferred Income Tax
|
- | 43,400 | - | 30,383 | ||||||||||||
Mortgage receivable
|
- | 2,208 | - | 2,208 | ||||||||||||
Others
|
18,201 | 4,673 | 15,093 | 4,478 | ||||||||||||
Less:
|
||||||||||||||||
Allowance for doubtful mortgage receivable
|
- | (2,208 | ) | - | (2,208 | ) | ||||||||||
Present value
|
- | (10,042 | ) | - | (11,677 | ) | ||||||||||
146,628 | 178,922 | 155,169 | 161,331 |
NOTE 8:
|
INVENTORIES
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Horizons Project (Note 22 A.1.)
|
175,782 | - | 209,458 | - | ||||||||||||
Caballito Nuevo (1)
|
2,660 | 441 | 5,473 | - | ||||||||||||
Rosario plot of land (2)
|
6,220 | - | 25,511 | - | ||||||||||||
Units to be received Beruti (Note 19)(3)
|
- | 23,608 | - | 23,309 | ||||||||||||
Units to be received Caballito (Note 19)(4)
|
- | 52,205 | - | 51,999 | ||||||||||||
El Encuentro (5)
|
1,665 | 1,680 | 4,432 | 1,486 | ||||||||||||
Torres de Rosario (Note 22 B.5.)
|
13,625 | 5,805 | 9,320 | 4,388 | ||||||||||||
Plots of land receivable Pereiraola (6)
|
- | 8,200 | - | 8,200 | ||||||||||||
Inventories (hotel operations)
|
3,938 | - | 3,575 | - | ||||||||||||
Abril
|
358 | 727 | 1,085 | - | ||||||||||||
Museo Renault (7)
|
21,148 | - | - | - | ||||||||||||
Other inventories
|
4,197 | 94 | 3,806 | 59 | ||||||||||||
229,593 | 92,760 | 262,660 | 89,441 |
(1)
|
See Note 5 (2) to the Unaudited Basic Financial Statements.
|
(2)
|
See Note 22 B.10.
|
(3)
|
See Note 22 B.6.
|
(4)
|
See Note 16.11 to the Unaudited Basic Financial Statements.
|
(5)
|
See Note 5 (3) to the Unaudited Basic Financial Statements.
|
(6)
|
See Note 16.3 to the Unaudited Basic Financial Statements.
|
(7)
|
See Note 16.1 to the Unaudited Basic Financial Statements.
|
NOTE 9:
|
FIXED ASSETS, NET
|
December 31, 2011
|
June 30, 2011
|
|||||||
Hotels
|
||||||||
Llao Llao
|
72,802 | 75,207 | ||||||
Intercontinental Buenos Aires
|
52,678 | 52,288 | ||||||
Sheraton Libertador
|
39,482 | 41,091 | ||||||
Bariloche plots of land
|
21,900 | 21,900 | ||||||
Subtotal Hotels
|
186,862 | 190,486 | ||||||
Office buildings
|
||||||||
Edificio República
|
213,161 | 215,535 | ||||||
Torre BankBoston
|
151,144 | 152,498 | ||||||
Bouchard 551
|
147,078 | 148,242 | ||||||
Intercontinental
|
77,163 | 78,394 | ||||||
Dot Baires Office Building
|
104,069 | 105,144 | ||||||
Bouchard 710
|
63,764 | 64,277 | ||||||
Dique IV
|
61,092 | 62,218 | ||||||
Maipú 1300
|
36,213 | 36,904 | ||||||
Costeros Dique IV
|
18,229 | 18,523 | ||||||
Libertador 498 (See Note 16.1 to the Unaudited Basic Financial Statements)
|
9,819 | 12,024 | ||||||
Suipacha 652
|
10,258 | 10,484 | ||||||
Avda. De Mayo 595
|
4,138 | 4,255 | ||||||
Madero 1020
|
187 | 197 | ||||||
Rivadavia 2768
|
178 | 191 | ||||||
Sarmiento 517
|
237 | 244 | ||||||
Subtotal Office buildings
|
896,730 | 909,130 | ||||||
Other fixed assets
|
||||||||
Catalinas Norte plot of land
|
108,802 | 102,666 | ||||||
Santa María del Plata
|
12,511 | 12,508 | ||||||
Constitución 1159
|
6,387 | 6,387 | ||||||
Museo Renault (See Note 16.1 to the Unaudited Basic Financial Statements)
|
1,825 | 4,692 | ||||||
Thames (See Note 16.1 to the Unaudited Basic Financial Statements)
|
- | 3,897 | ||||||
Casona Abril
|
2,424 | 2,525 | ||||||
Constitución 1111
|
833 | 854 | ||||||
Alto Palermo Park
|
540 | 542 | ||||||
Predio San Martín
|
69,435 | 69,994 | ||||||
Other
|
6,634 | 5,350 | ||||||
Subtotal Other fixed assets
|
209,391 | 209,415 |
December 31, 2011
|
June 30, 2011
|
|||||||
Shopping Centers
|
||||||||
Dot Baires
|
488,790 | 495,836 | ||||||
Abasto
|
321,700 | 325,352 | ||||||
Alto Palermo
|
267,347 | 279,937 | ||||||
Patio Bullrich
|
133,984 | 136,466 | ||||||
Mendoza Plaza
|
121,658 | 123,312 | ||||||
Alto Rosario
|
138,286 | 138,472 | ||||||
Alto Avellaneda
|
165,836 | 169,456 | ||||||
Paseo Alcorta
|
133,140 | 133,090 | ||||||
Córdoba Shopping - Villa Cabrera (Note 24 B.1.)
|
77,761 | 78,527 | ||||||
Soleil Factory
|
72,090 | 68,578 | ||||||
Alto NOA
|
40,565 | 40,912 | ||||||
La Ribera
|
12,292 | - | ||||||
Suppliers advances
|
16,930 | 11,151 | ||||||
Neuquén Project (Note 24 B.2.)
|
20,691 | 17,063 | ||||||
Buenos Aires Design
|
16,711 | 18,103 | ||||||
Other fixed assets
|
18,157 | 28,815 | ||||||
Other properties
|
23,860 | 22,486 | ||||||
Units to be received Beruti
|
9,264 | 9,264 | ||||||
Subtotal Shopping Centers
|
2,079,062 | 2,096,820 | ||||||
Total
|
3,372,045 | 3,405,851 |
December 31, 2011
|
June 30, 2011
|
|||||||
Goodwill:
|
||||||||
Alto Palermo S.A.
|
19,375 | 20,194 | ||||||
Arcos del Gourmet S.A.
|
6,259 | - | ||||||
Torre BankBoston
|
5,377 | 5,481 | ||||||
Nuevo Puerto Santa Fe S.A.
|
6,209 | - | ||||||
Museo Renault
|
1,127 | 2,951 | ||||||
Conil S.A.
|
343 | 343 | ||||||
Subtotal goodwill
|
38,690 | 28,969 |
December 31, 2011
|
June 30, 2011
|
|||||||
Negative goodwill:
|
||||||||
Alto Palermo S.A. (Note 16.2. to the Unaudited Basic Financial Statements)
|
(347,973 | ) | (358,080 | ) | ||||
Palermo Invest S.A.
|
(37,141 | ) | (38,180 | ) | ||||
Empalme S.A.I.C.F.A. y G.
|
(5,878 | ) | (6,127 | ) | ||||
Mendoza Plaza Shopping S.A.
|
(2,697 | ) | (2,783 | ) | ||||
Unicity S.A.
|
(3,601 | ) | (3,601 | ) | ||||
Emprendimiento Recoleta S.A.
|
(102 | ) | (127 | ) | ||||
Soleil Factory
|
(9,334 | ) | (9,371 | ) | ||||
Subtotal negative goodwill
|
(406,726 | ) | (418,269 | ) | ||||
Total negative goodwill, net
|
(368,036 | ) | (389,300 | ) |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Suppliers
|
56,842 | 24 | 42,414 | 47 | ||||||||||||
Accruals
|
71,197 | - | 60,830 | - | ||||||||||||
Liabilities in kind “Horizons Project” (See Note 22 A.1.)
|
25,518 | - | 36,443 | - | ||||||||||||
Related parties (Note 19)
|
5,177 | - | 9,905 | - | ||||||||||||
Others
|
3,182 | - | 3,557 | - | ||||||||||||
161,916 | 24 | 153,149 | 47 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Customers advances
|
115,934 | - | 137,020 | - | ||||||||||||
Admission rights
|
69,204 | 77,196 | 60,822 | 66,885 | ||||||||||||
Lease advances
|
40,496 | 28,106 | 35,021 | 27,359 | ||||||||||||
225,634 | 105,302 | 232,863 | 94,244 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Bank overdrafts
|
440,279 | - | 420,032 | - | ||||||||||||
Bank loans (1)
|
207,906 | 28,887 | 128,448 | 27,585 | ||||||||||||
Non-Convertible Notes – APSA 2012 US$ 154 M (6)
|
14,329 | - | 28,889 | - | ||||||||||||
Convertible Notes- APSA 2014 – US$ 50 M (5)
|
2 | 3,846 | 3 | 4,640 | ||||||||||||
Non-Convertible Notes – APSA 2017 US$ 120 M (4)
|
4,516 | 455,129 | 4,490 | 432,591 | ||||||||||||
Non-Convertible Notes – 2017 (3)
|
21,990 | 641,956 | 20,960 | 612,419 | ||||||||||||
Non-Convertible Notes – 2020 (3)
|
32,287 | 627,467 | 30,800 | 598,116 | ||||||||||||
Related parties (Note 19)
|
2,504 | - | 2,345 | - | ||||||||||||
Seller financing (2)
|
68,361 | 83,662 | 47,846 | 81,568 | ||||||||||||
792,174 | 1,840,947 | 683,813 | 1,756,919 |
NOTE 14:
|
SALARIES AND SOCIAL SECURITY PAYABLE
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||
Provision for vacation and bonuses
|
16,339 | 27,333 | ||||||
Social Security payable
|
6,810 | 7,596 | ||||||
Salaries payable
|
2,815 | 61 | ||||||
Others
|
1,365 | 802 | ||||||
27,329 | 35,792 |
NOTE 15:
|
TAXES PAYABLE
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Income tax provision, net
|
70,884 | - | 67,912 | - | ||||||||||||
Tax amnesty plan for income tax payable
|
1,923 | 16,431 | 1,759 | 17,386 | ||||||||||||
VAT, net
|
18,118 | - | 21,615 | - | ||||||||||||
MPIT, net
|
2,475 | 5,743 | 1,933 | - | ||||||||||||
Gross revenue tax payable
|
5,756 | - | 1,607 | - | ||||||||||||
Tax withholdings
|
9,206 | - | 13,345 | - | ||||||||||||
Provision for tax on shareholders personal assets
|
4,575 | - | 3,961 | - | ||||||||||||
Tax amnesty plan for gross revenue tax
|
1,791 | 3,736 | 486 | 832 | ||||||||||||
Tax amnesty plan for ABL
|
142 | - | 1,464 | 1,927 | ||||||||||||
Deferred Income Tax
|
- | 273,679 | - | 308,547 | ||||||||||||
Others
|
25,498 | - | 4,971 | - | ||||||||||||
140,368 | 299,589 | 119,053 | 328,692 |
NOTE 16:
|
OTHER LIABILITIES
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Accrual for Directors´ fees(1) (Note 19)
|
6,383 | - | 15,612 | - | ||||||||||||
Guarantee deposits
|
3,900 | 8,100 | 4,128 | 6,302 | ||||||||||||
Derivative financial instrument (Note 25.a))
|
1,751 | - | - | - | ||||||||||||
Payables to National Parks Administration (Note 20)
|
1,100 | - | 1,100 | - | ||||||||||||
Contributed leasehold improvements (Note 24 B.3.)
|
266 | 9,037 | 332 | 9,170 | ||||||||||||
Other payable
|
- | - | 16,004 | - | ||||||||||||
Related parties (Note 19)
|
16,248 | 20 | 35,674 | 20 | ||||||||||||
Dividends payable
|
3,128 | - | - | - | ||||||||||||
Loans with shareholders of related parties
|
7,750 | 263 | 1,000 | 252 | ||||||||||||
Present value
|
- | (93 | ) | - | (95 | ) | ||||||||||
Others
|
7,191 | 422 | 5,218 | 2,480 | ||||||||||||
47,717 | 17,749 | 79,068 | 18,129 |
|
(1)
|
As of December 31 and June 30, 2011, disclosed net of advances to Directors for Ps. 21,040 and Ps. 37,544 , respectively.
|
NOTE 17:
|
PROVISIONS
|
|
The breakdown for this item is as follows:
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Allowance for contingencies
|
6,396 | 12,267 | 2,019 | 12,881 | ||||||||||||
6,396 | 12,267 | 2,019 | 12,881 |
NOTE 18 a.:
|
FINANCIAL RESULTS, NET
|
December 31, 2011
|
December 31, 2010
|
|||||||
Financial results generated by assets:
|
||||||||
Interest income
|
8,947 | 9,991 | ||||||
Interest on discounting assets
|
2,197 | 2,323 | ||||||
Subtotal interest income
|
11,144 | 12,314 | ||||||
Foreign exchange gain
|
17,429 | 9,349 | ||||||
(Loss)/Gain on financial operations
|
(19,519 | ) | 11,511 | |||||
Subtotal other holding results
|
(19,519 | ) | 11,511 | |||||
Total financial results generated by assets
|
9,054 | 33,174 | ||||||
Financial results generated by liabilities:
|
||||||||
Interest expense
|
(136,210 | ) | (101,882 | ) | ||||
Interest on discounting liabilities
|
(7 | ) | 60 | |||||
Subtotal interest expense
|
(136,217 | ) | (101,822 | ) | ||||
Foreign exchange loss
|
(91,853 | ) | (20,655 | ) | ||||
Loss on derivative financial instruments
|
(2,100 | ) | - | |||||
Others
|
(4,426 | ) | (1,951 | ) | ||||
Subtotal other financial expenses
|
(6,526 | ) | (1,951 | ) | ||||
Total financial results generated by liabilities
|
(234,596 | ) | (124,428 | ) | ||||
Total financial results, net
|
(225,542 | ) | (91,254 | ) |
NOTE 18 b.:
|
OTHER EXPENSES, NET
|
December 31, 2011
|
December 31, 2010
|
|||||||
Other income:
|
||||||||
Recovery of allowances
|
1,811 | 9 | ||||||
Sale of client base and assignment of portfolio
|
385 | - | ||||||
Others
|
2,053 | 274 | ||||||
Subtotal other income
|
4,249 | 283 | ||||||
Other expenses:
|
||||||||
Donations
|
(4,579 | ) | (4,070 | ) | ||||
Tax on Shareholders´ personal assets
|
(2,035 | ) | (2,440 | ) | ||||
Provision for contingencies
|
(3,696 | ) | (1,708 | ) | ||||
Unrecoverable VAT
|
(19 | ) | (560 | ) | ||||
Others
|
(1,907 | ) | (6,784 | ) | ||||
Subtotal other expenses
|
(12,236 | ) | (15,562 | ) | ||||
Total Other expenses, net
|
(7,987 | ) | (15,279 | ) |
NOTE 19:
|
COMPANIES UNDER LAW No. 19,550 SECTION 33 AND OTHER RELATED PARTIES
|
a.
|
Balances as of December 31 and June 30, 2011 held with related companies, persons and shareholders are as follows:
|
Related parties
|
Account receivables – current
|
Other
receivables-
current
|
Other
receivables-
non current
|
Inventories – Units to be received Beruti and Caballito-
non current
|
Trade accounts
payable – current
|
Short-term debt
|
Other
liabilities – current
|
Other
liabilities – non current
|
Totals
|
|||||||||||||||||||||||||||
Baicom Networks S.A. (4)
|
1 | 17 | 434 | - | (4 | ) | - | (23 | ) | - | 425 | |||||||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
276 | - | - | - | (1,045 | ) | - | - | - | (769 | ) | |||||||||||||||||||||||||
Cactus Argentina S.A. (2)
|
32 | - | - | - | (3 | ) | - | - | - | 29 | ||||||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
434 | 48 | - | - | - | - | - | - | 482 | |||||||||||||||||||||||||||
Consorcio Libertador (3)
|
32 | 25 | - | - | (27 | ) | - | (4 | ) | - | 26 | |||||||||||||||||||||||||
Consorcio Dock del Plata (3)
|
- | - | - | - | (76 | ) | - | - | - | (76 | ) | |||||||||||||||||||||||||
Consorcio Torre Boston (3)
|
38 | 199 | - | - | (141 | ) | - | - | - | 96 | ||||||||||||||||||||||||||
Consultores Assets Management S.A. (3)
|
2,087 | 29 | - | - | (10 | ) | - | - | - | 2,106 | ||||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (5)
|
52 | 27,974 | - | - | (236 | ) | - | (14,884 | ) | - | 12,906 | |||||||||||||||||||||||||
Cyrsa S.A. (4)
|
134 | 220 | - | - | (179 | ) | - | (185 | ) | - | (10 | ) | ||||||||||||||||||||||||
Directors (3)
|
1 | 156 | - | - | (49 | ) | - | (6,383 | ) | (20 | ) | (6,295 | ) | |||||||||||||||||||||||
Elsztain Managing Partners Ltd (3)
|
- | - | - | - | - | - | (34 | ) | - | (34 | ) | |||||||||||||||||||||||||
Elsztain Reality Partner Master Fund I (3)
|
- | 105 | - | - | - | - | (92 | ) | - | 13 | ||||||||||||||||||||||||||
Elsztain Reality Partner Master Fund II (3)
|
- | 13 | - | - | - | - | (2 | ) | - | 11 | ||||||||||||||||||||||||||
Elsztain Reality Partner Master Fund III (3)
|
- | 116 | - | - | - | - | - | - | 116 | |||||||||||||||||||||||||||
Estudio Zang, Bergel y Viñes (3)
|
- | 51 | - | - | (568 | ) | - | - | - | (517 | ) | |||||||||||||||||||||||||
Fundación IRSA (3)
|
41 | 2 | - | - | (1 | ) | - | - | - | 42 | ||||||||||||||||||||||||||
Futuros y Opciones.com S.A. (2)
|
69 | - | - | - | (8 | ) | - | - | - | 61 | ||||||||||||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 2,817 | - | - | - | - | - | - | 2,817 | |||||||||||||||||||||||||||
Irsa Developments LP (2)
|
- | 8 | - | - | - | - | (4 | ) | - | 4 | ||||||||||||||||||||||||||
Real Estate Strategies LP (2)
|
- | 80 | - | - | - | - | (9 | ) | - | 71 | ||||||||||||||||||||||||||
Lipstick Management LLC (2)
|
- | 438 | - | - | - | - | - | - | 438 | |||||||||||||||||||||||||||
Museo de los Niños (3)
|
1,688 | - | - | - | (31 | ) | - | - | - | 1,657 | ||||||||||||||||||||||||||
New Lipstick LLC (2)
|
- | 1,527 | - | - | - | - | (692 | ) | - | 835 | ||||||||||||||||||||||||||
Nuevo Puerto Santa Fe (4)
|
77 | - | - | - | (54 | ) | - | (7 | ) | - | 16 | |||||||||||||||||||||||||
Personnel loans (3)
|
36 | 5,803 | - | - | (350 | ) | - | (256 | ) | - | 5,233 | |||||||||||||||||||||||||
Puerto Retiro S.A. (4)
|
59 | 60 | - | - | (5 | ) | - | - | - | 114 | ||||||||||||||||||||||||||
Quality Invest S.A. (4)
|
178 | - | - | - | - | - | (56 | ) | - | 122 | ||||||||||||||||||||||||||
Tarshop S.A. (2)
|
1,174 | 5,696 | - | - | (1 | ) | - | - | - | 6,869 | ||||||||||||||||||||||||||
TGLT S.A. (2)
|
1,634 | - | - | 75,813 | (2,389 | ) | (2,504 | ) | - | - | 72,554 | |||||||||||||||||||||||||
Totals as of December 31, 2011
|
8,043 | 45,384 | 434 | 75,813 | (5,177 | ) | (2,504 | ) | (22,631 | ) | (20 | ) | 99,342 |
a.
|
(Continued)
|
Related parties
|
Account receivables - current
|
Other
receivables -
current
|
Other
receivables -
non current
|
Inventories – Units to be received Beruti and Caballito-
non current
|
Trade accounts payable -
current
|
Short-term debt
|
Other
liabilities – current
|
Other
liabilities – non current
|
Totals
|
|||||||||||||||||||||||||||
Baicom Networks S.A. (4)
|
61 | 6 | 415 | - | - | - | - | - | 482 | |||||||||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
225 | - | - | - | (252 | ) | - | - | - | (27 | ) | |||||||||||||||||||||||||
Cactus Argentina S.A. (2)
|
28 | - | - | - | (3 | ) | - | - | - | 25 | ||||||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
403 | 41 | - | - | - | - | - | - | 444 | |||||||||||||||||||||||||||
Consorcio Libertador (3)
|
140 | 16 | - | - | (65 | ) | - | (4 | ) | - | 87 | |||||||||||||||||||||||||
Consorcio Torre Boston (3)
|
1,076 | 344 | - | - | (836 | ) | - | - | - | 584 | ||||||||||||||||||||||||||
Consultores Assets Management S.A. (3)
|
997 | 29 | - | - | (10 | ) | - | - | - | 1,016 | ||||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (5)
|
19 | 19,112 | - | - | (71 | ) | - | (15,778 | ) | - | 3,282 | |||||||||||||||||||||||||
Cyrsa S.A. (4)
|
1,750 | 11 | - | - | (1,725 | ) | - | - | - | 36 | ||||||||||||||||||||||||||
Directors (3)
|
2 | 155 | - | - | - | - | (15,612 | ) | (20 | ) | (15,475 | ) | ||||||||||||||||||||||||
Elsztain Managing Partners Ltd (3)
|
- | - | - | - | - | - | (53 | ) | - | (53 | ) | |||||||||||||||||||||||||
Elsztain Reality Partner Master Fund I (3)
|
- | 48 | - | - | - | - | (584 | ) | - | (536 | ) | |||||||||||||||||||||||||
Elsztain Reality Partner Master Fund II (3)
|
- | 31 | - | - | - | - | (275 | ) | - | (244 | ) | |||||||||||||||||||||||||
Elsztain Reality Partner Master Fund III (3)
|
- | 77 | - | - | - | - | - | - | 77 | |||||||||||||||||||||||||||
Estudio Zang, Bergel y Viñes (3)
|
- | 9 | - | - | (1,241 | ) | - | - | - | (1,232 | ) | |||||||||||||||||||||||||
Fundación IRSA (3)
|
33 | 1 | - | - | (1 | ) | - | - | - | 33 | ||||||||||||||||||||||||||
Futuros y Opciones.com S.A. (2)
|
16 | - | - | - | (8 | ) | - | - | - | 8 | ||||||||||||||||||||||||||
Hersha Hospitality Trust (2)
|
- | 2,690 | - | - | - | - | - | - | 2,690 | |||||||||||||||||||||||||||
Irsa Developments LP (2)
|
- | 7 | - | - | - | - | (4 | ) | - | 3 | ||||||||||||||||||||||||||
Real Estate Strategies LP (2)
|
- | 64 | - | - | - | - | (8 | ) | - | 56 | ||||||||||||||||||||||||||
Lipstick Management LLC (2)
|
- | 448 | - | - | - | - | - | - | 448 | |||||||||||||||||||||||||||
Museo de los Niños (3)
|
1,781 | - | - | - | (9 | ) | - | - | - | 1,772 | ||||||||||||||||||||||||||
New Lipstick LLC (2)
|
- | 960 | - | - | - | - | (622 | ) | - | 338 | ||||||||||||||||||||||||||
Personnel loans (3)
|
61 | 2,522 | - | - | (146 | ) | - | (1,000 | ) | - | 1,437 | |||||||||||||||||||||||||
Puerto Retiro S.A. (4)
|
58 | 63 | - | - | (5 | ) | - | - | - | 116 | ||||||||||||||||||||||||||
Quality Invest S.A (4)
|
799 | 241 | - | - | - | - | (16 | ) | - | 1,024 | ||||||||||||||||||||||||||
Tarshop S.A (2)
|
660 | 13,715 | - | - | (5,533 | ) | - | (17,330 | ) | - | (8,488 | ) | ||||||||||||||||||||||||
TGLT S.A (2)
|
658 | 1,680 | - | 75,308 | - | (2,345 | ) | - | - | 75,301 | ||||||||||||||||||||||||||
Totals as of June 30, 2011
|
8,767 | 42,270 | 415 | 75,308 | (9,905 | ) | (2,345 | ) | (51,286 | ) | (20 | ) | 63,204 |
b.
|
The Statement of Income balances for the six – month periods ended December 31, 2011 and 2010, held with related companies, persons and shareholders are as follows:
|
Related parties
|
Sale and
fees for services
|
Leases
|
Interest and exchange differences
|
Fees
|
Share services – salaries and bonuses
|
Donations
|
Totals
|
|||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
24 | - | 2 | - | - | - | 26 | |||||||||||||||||||||
Consorcio Libertador (3)
|
61 | 7 | - | - | - | - | 68 | |||||||||||||||||||||
Consorcio Torre Boston (3)
|
161 | - | - | - | - | - | 161 | |||||||||||||||||||||
Consultores Assets Management S.A. (3)
|
- | 59 | - | - | - | - | 59 | |||||||||||||||||||||
Cresud S.A.C.I.F. y A. (5)
|
- | 385 | 1,481 | - | (32,838 | ) | - | (30,972 | ) | |||||||||||||||||||
Cyrsa S.A. (4)
|
- | 4 | - | - | - | - | 4 | |||||||||||||||||||||
Directors (3)
|
- | - | - | 8,564 | - | - | 8,564 | |||||||||||||||||||||
Estudio Zang, Bergel y Viñes (3)
|
- | - | - | 211 | - | - | 211 | |||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | (1,640 | ) | (1,640 | ) | |||||||||||||||||||
Inversiones Financieras del Sur S.A. (3)
|
- | - | 71 | - | - | - | 71 | |||||||||||||||||||||
Tarshop S.A. (2)
|
110 | 2,476 | - | - | - | - | 2,586 | |||||||||||||||||||||
Personnel Loans
|
- | - | 194 | - | - | - | 194 | |||||||||||||||||||||
Totals as of December 31, 2011
|
356 | 2,931 | 1,748 | 8,775 | (32,838 | ) | (1,640 | ) | (20,668 | ) |
b.
|
(Continued)
|
Related parties
|
Sale and
fees for services
|
Leases
|
Cost of services
|
Interest and exchange differences
|
Fees
|
Share services – salaries and bonuses
|
Donations
|
Totals
|
||||||||||||||||||||||||
Canteras Natal Crespo S.A. (4)
|
24 | - | - | 2 | - | - | - | 26 | ||||||||||||||||||||||||
Consorcio Libertador (3)
|
61 | 6 | - | - | - | - | - | 67 | ||||||||||||||||||||||||
Consorcio Dock del Plata (3)
|
78 | - | - | - | - | - | - | 78 | ||||||||||||||||||||||||
Consorcio Torre Boston (3)
|
161 | - | (2,966 | ) | - | - | - | - | (2,805 | ) | ||||||||||||||||||||||
Consultores Assets Management S.A. (3)
|
- | 11 | - | - | - | - | - | 11 | ||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (5)
|
- | 339 | - | (4,631 | ) | - | (27,670 | ) | - | (31,962 | ) | |||||||||||||||||||||
Cyrsa S.A. (4)
|
- | 4 | - | - | - | - | - | 4 | ||||||||||||||||||||||||
Directors (3)
|
- | - | - | (3 | ) | (30,099 | ) | - | - | (30,102 | ) | |||||||||||||||||||||
Estudio Zang, Bergel y Viñes (3)
|
- | - | - | - | (2,783 | ) | - | - | (2,783 | ) | ||||||||||||||||||||||
Fundación IRSA (3)
|
- | - | - | - | - | - | (1,526 | ) | (1,526 | ) | ||||||||||||||||||||||
Tarshop S.A. (2)
|
95 | 1,821 | - | 80 | - | - | - | 1,996 | ||||||||||||||||||||||||
Parque Arauco S.A. (1)
|
- | - | - | (315 | ) | - | - | - | (315 | ) | ||||||||||||||||||||||
Personnel Loans
|
- | - | - | 138 | - | - | - | 138 | ||||||||||||||||||||||||
Totals as of December 31, 2010
|
419 | 2,181 | (2,966 | ) | (4,729 | ) | (32,882 | ) | (27,670 | ) | (1,526 | ) | (67,173 | ) |
NOTE 20:
|
NATIONAL PARKS ADMINISTRATION DISPUTE
|
-
|
Provision for unexpired claims against Llao Llao Holding S.A.
|
NOTE 21:
|
RESTRICTED ASSETS
|
A.
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
|
A.
|
(Continued)
|
|
(i)
|
(Continued)
|
|
(ii)
|
Loan of Hoteles Argentinos S.A.
|
|
A.
|
(Continued)
|
(iii)
|
The company and subsidiaries have mortgages over the following properties:
|
Properties
|
Book value as of
December 31, 2011
|
|||
Edificio República
|
213,161 | |||
Predio San Martín
|
69,435 | |||
Soleil Factory
|
72,090 | |||
Zetol plot of land
|
33,289 | |||
Vista al Muelle plot of land
|
23,231 | |||
Bariloche plots of land
|
21,900 |
(iv)
|
New Lipstick LLC maintains a pledge over Metropolitan 885 Third Avenue Leasehold LLC’s shares.
|
|
(v)
|
To guarantee the compliance with all the covenants assumed by Liveck S.A., and the minority shareholder of Zetol S.A. and Vista al Muelle S.A., pursuant to the stock purchase agreement for Vista al Muelle S.A.’s shares executed on June 11, 2009 and the Addendums to such agreement as well as payment of any possible damages and associated expenses, the parties have reciprocally tendered a security interest consisting in a possessory pledge over the shares of Vista al Muelle S.A. and Zetol S.A..
|
|
(vi)
|
On December 28, 2011, 2,061,856 shares of Hersha Hospitality Trust were transferred to Citibank N.A. as collateral for the loan (see Note 13 (1) (h)).
|
B.
|
Alto Palermo S.A. (APSA)
|
(i)
|
On June 15, 2011, APSA granted in favor of Banco Hipotecario S.A. a pledge on the Company´s Class I Non-Convertible Notes issued on May 11, 2007, for a face value of US$ 1.2 million (See Note 22 B.3.).
|
(ii)
|
On August 3, 2011, a mortgage was constituted on Soleil Factory (See Note 22 B.2.).
|
|
B.
|
(Continued)
|
(iii)
|
As mentioned in Note 24 B.5., to secure the fulfillment of the Concession Agreement with ADIF, Arcos del Gourmet S.A. committed itself to hire a surety bond of Ps. 4,460, make an escrow deposit in cash of Ps. 400 and to hire another surety bond in favor of ADIF as collateral to the execution of the works agreed in due time and proper form for Ps. 14,950. These surety bonds were hired during October 2011.
|
(iv)
|
As regards the case "Alto Palermo S.A. (APSA) with Dirección General Impositiva in re: Appeal", Case file No. 25,030-I, currently heard by Room A, Office of the 3rd Nomination, the property located at Av. Olegario Andrade 367, Caballito, Buenos Aires City has been encumbered, and its value as of December 31, 2011 amounts to Ps. 45,814 (disclosed in the "Non-current investments- Undeveloped plots of land”).
|
A.
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
|
1.
|
Creation of CYRSA - Horizons Project
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
1.
|
(Continued)
|
|
-
|
The balance is cancelled in installments and is fully paid at the time of transfer signature of deeds or,
|
|
-
|
Partial cancellation will be on installments payable up to the time of transfer / signatures of deeds, the remaining balance to be financed during 90 months´ term with units having mortgaged guarantees.
|
|
2.
|
Acquisition of Hersha Hospitality Trust (“Hersha")
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
2.
|
(Continued)
|
|
3.
|
Acquisition of Lipstick Building, New York
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
3.
|
(Continued)
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
4.
|
Acquisition of shares in Banco Hipotecario S.A.
|
|
5.
|
Acquisition of companies in the Oriental Republic of Uruguay
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
5.
|
(Continued)
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
5.
|
(Continued)
|
|
6.
|
Acquisition of a building located at 183 Madison Avenue, New York, NY
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
6.
|
(Continued)
|
|
7.
|
Acquisition of facilities located in San Martín
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
7.
|
(Continued)
|
|
8.
|
Acquisition of Bitania 26 S.A.´s shares
|
|
9.
|
Supertel Hospitality Inc. (“Supertel”)
|
NOTE 22:
|
(Continued)
|
|
A.
|
(Continued)
|
|
9.
|
(Continued)
|
B.
|
Alto Palermo S.A.
|
1.
|
Acquisition of Arcos del Gourmet S.A.´s shares
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
1.
|
(Continued)
|
|
2.
|
Acquisition of a commercial center goodwill
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
2.
|
(Continued)
|
|
3.
|
Sale of equity interest in Tarshop S.A.
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
3.
|
(Continued)
|
|
4.
|
Acquisition of the building known as Ex-Escuela Gobernador Vicente de Olmos (City of Córdoba)
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
4.
|
(Continued)
|
|
5.
|
Barter transaction agreements
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
5.
|
(Continued)
|
|
6.
|
Beruti plot of land
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
6.
|
(Continued)
|
|
7.
|
Barter with CYRSA S.A.
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
8.
|
Paraná plot of land
|
i)
|
US$ 0.05 million was settled as prepayment on July 14, 2009,
|
ii)
|
US$ 0.1 million was settled upon executing such agreement, and
|
iii)
|
US$ 0.35 million will be paid upon executing the title deed.
|
9.
|
Acquisition of Nuevo Puerto Santa Fe S.A.´s shares
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
9.
|
(Continued)
|
10.
|
Sale of properties
|
Lots
|
Offer acceptance date
|
Agreed price
(in thousands of US$)
|
Collected amount
12/31/11
(in thousands of US$)
|
Title deed´s date
|
||||||||
2 | A |
04/14/10
|
4,200 | 4,200 |
05/26/11
|
|||||||
2 | E |
05/03/10
|
1,430 | 1,430 |
09/29/10
|
|||||||
2 | F |
11/10/10
|
1,931 | 1,931 |
07/06/11
|
|||||||
2 | B |
12/03/10
|
1,507 | 1,507 |
08/11/11
|
|||||||
2 | C |
12/03/10
|
1,507 | 1,507 |
08/11/11
|
|||||||
2 | D |
12/03/10
|
1,539 | 1,026 |
-
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
11.
|
APSAMEDIA S.A.´s operations (formerly Metroshop S.A., which changed its legal name)
|
i)
|
Receivables from consumption transactions carried out through December 31, 2010 and that are performing or in default for not more than 60 days (both those in Metroshop S.A.’s own portfolio and those assigned to Fideicomiso Financiero Metroshop S.A. Serie XV- previous return of them).
|
ii)
|
The contractual position in the credit card issuance agreements whose customers did not have as of December 31, 2010 a default for over 60 days in complying with their obligations.
|
iii)
|
All credit card customers or accounts and consumer loans.
|
iv)
|
Lease agreements on certain branches and their personal property.
|
v)
|
Labor agreements for payroll personnel.
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
|
11.
|
(Continued)
|
-
|
Consumer credit marketing and financing.
|
-
|
Issuance and marketing of credit cards.
|
-
|
Performance of any type of agency and representation.
|
-
|
Management of administrative, advertising and commercial activities.
|
NOTE 22:
|
(Continued)
|
|
B.
|
(Continued)
|
12.
|
Purchase of TGLT S.A.’s shares
|
A.
|
Alto Palermo S.A.
|
NOTE 23:
|
(Continued)
|
A.
|
(Continued)
|
|
1.
|
(Continued)
|
NOTE 23:
|
(Continued)
|
A.
|
(Continued)
|
|
2.
|
Issuance of notes
|
NOTE 23:
|
(Continued)
|
A.
|
(Continued)
|
|
2.
|
(Continued)
|
NOTE 23:
|
(Continued)
|
A.
|
(Continued)
|
|
3.
|
Capital increase
|
·
|
Capital stock increase of up to Ps. 108 million through the issue of up to 1,080,000,000 new common shares of par value Ps. 0.10 each, on one or many offerings, with a share premium or not and with one voting right per share, with dividend rights in equal conditions as the rest of the outstanding shares at the issuing date, following a public offering in the country or abroad. The meeting established the parameters under which the Board of Directors will settle the share premium, with a range of prices for the share, being the minimum price Ps. 25.6133 per share of par value Ps. 1 or US$ 25.1 per ADS and a maximum price of Ps. 75 per share of par value Ps. 1 or US$ 73.4970 per ADS.
|
·
|
Delegation on the Board of Directors of the power to define all the terms and conditions of the issuing process in one or several offerings, not expressly determined in the Shareholders Meeting with the power to sub-delegate on one or more than one director or manager, or the people that they authorize.
|
·
|
Reduction of the term to exercise the preemptive subscription right and the accretion right to up to 10 calendar days, as provided by section 194 of Act No. 19,550 and the regulations in force, delegating on the Board of Directors the most extensive powers in order to fulfill the capital stock increase.
|
·
|
Approval of the terms and conditions of the repurchase offering – in the context of the capital increase and subject to the effective fulfillment of this – of the outstanding convertible notes with par value US$ 31,755,502, for the amount of US$ 36.1 million, equivalent to US$ 1.13666 per convertible note.
|
A.
|
IRSA Inversiones y Representaciones Sociedad Anónima
|
|
1.
|
Investment in Banco Hipotecario
|
NOTE 24:
|
(Continued)
|
|
1.
|
(Continued)
|
|
2.
|
Compensation plan for executive management
|
NOTE 24:
|
(Continued)
|
|
2.
|
(Continued)
|
|
3.
|
Compulsory expropriation order of the lot owned by Canteras Natal Crespo S.A.
|
NOTE 24:
|
(Continued)
|
|
3.
|
(Continued)
|
|
4.
|
Negative working capital
|
|
B.
|
Alto Palermo S.A.
|
NOTE 24:
|
(Continued)
|
|
B.
|
(Continued)
|
|
1.
|
(Continued)
|
·
|
The outstanding debt was de-dollarized (Ps. 1 = US$ 1).
|
·
|
An antichresis right was created and it was established that all obligations assumed by Empalme S.A.I.C.F.A. y G. under the agreement by which the normal use and operation of the cinema center is warranted to NAI INTERNATIONAL II, INC., including those obligations involving restrictions on the use or title to property by Empalme S.A.I.C.F.A. y G. or third parties, shall be comprised in the previously mentioned real right.
|
|
2.
|
Neuquén Project
|
NOTE 24:
|
(Continued)
|
|
B.
|
(Continued)
|
|
2.
|
(Continued)
|
|
3.
|
Contributed leasehold improvements - Other liabilities
|
NOTE 24:
|
(Continued)
|
B.
|
(Continued)
|
|
4.
|
Acquisition of Cresud S.A.C.I.F. y A.´s Notes
|
|
5.
|
Arcos del Gourmet S.A.
|
|
(i)
|
Amendment Agreement of Arcos del Gourmet S.A.
|
NOTE 24:
|
(Continued)
|
|
B.
|
(Continued)
|
|
5.
|
(Continued)
|
|
(ii)
|
Capital increase
|
|
6.
|
Reimbursement of current and expired cash dividends.
|
a)
|
Futures - APSA
|
Futures
|
Bank
|
Amount
US$
|
Due date
|
Gain (Loss)
|
||||||
Unsettled transactions
|
||||||||||
Purchase of dollars
|
Standard Bank Argentina S.A.
|
5,000 |
01/31/12
|
(502 | ) | |||||
Purchase of dollars
|
Standard Bank Argentina S.A.
|
6,000 |
03/30/12
|
(373 | ) | |||||
Subtotal
|
(875 | ) | ||||||||
Settled transactions
|
||||||||||
Purchase of dollars
|
Banco Santander Río S.A.
|
6,000 |
11/30/11
|
79 | ||||||
Purchase of dollars
|
Standard Bank Argentina S.A.
|
5,000 |
12/31/11
|
(278 | ) | |||||
Subtotal
|
(199 | ) | ||||||||
Gain on transactions with derivative financial instruments
|
(1,074 | ) |
b)
|
Futures contracts – Hoteles Argentinos S.A. (HASA)
|
December 31,
2011
|
June 30,
2011
|
December 31,
2011
|
June 30,
2011
|
||||||||||||||
ASSETS
|
LIABILITIES
|
||||||||||||||||
CURRENT ASSETS
|
CURRENT LIABILITIES
|
||||||||||||||||
Cash and banks (Note 2)
|
18,918 | 27,276 |
Trade accounts payable (Note 6)
|
18,776 | 18,734 | ||||||||||||
Investments (Exhibits C and D)
|
42,168 | 42,188 |
Customer advances (Note 7)
|
7,550 | 4,971 | ||||||||||||
Accounts receivable, net (Note 3)
|
39,582 | 48,536 |
Short-term debt (Note 8)
|
589,264 | 525,926 | ||||||||||||
Other receivables (Note 4)
|
36,064 | 72,908 |
Salaries and social security payable
|
2,536 | 3,086 | ||||||||||||
Inventories (Note 5)
|
26,698 | 11,979 |
Taxes payable (Note 9)
|
8,294 | 10,081 | ||||||||||||
Total Current Assets
|
163,430 | 202,887 |
Other liabilities (Note 10)
|
54,014 | 23,856 | ||||||||||||
Subtotal Current Liabilities
|
680,434 | 586,654 | |||||||||||||||
Provisions (Exhibit E)
|
5,511 | 1,082 | |||||||||||||||
Total Current Liabilities
|
685,945 | 587,736 | |||||||||||||||
NON-CURRENT ASSETS
|
|||||||||||||||||
Accounts receivable, net (Note 3)
|
330 | 1,885 | |||||||||||||||
Other receivables (Note 4)
|
69,714 | 58,738 |
NON-CURRENT LIABILITIES
|
||||||||||||||
Inventories (Note 5)
|
63,253 | 61,685 |
Long-term debt (Note 8)
|
1,298,310 | 1,238,120 | ||||||||||||
Investments (Exhibits C and D)
|
3,295,729 | 3,183,238 |
Taxes payable (Note 9)
|
12,030 | 41,809 | ||||||||||||
Fixed assets, net (Exhibit A)
|
926,338 | 939,252 |
Other liabilities (Note 10)
|
56,150 | 60,112 | ||||||||||||
Intangible assets, net (Exhibit B)
|
41 | 41 |
Total Non-Current Liabilities
|
1,366,490 | 1,340,041 | ||||||||||||
Subtotal Non-Current Assets
|
4,355,405 | 4,244,839 |
Total Liabilities
|
2,052,435 | 1,927,777 | ||||||||||||
Negative goodwill, net
|
(37,095 | ) | (38,134 | ) | |||||||||||||
Total Non-Current Assets
|
4,318,310 | 4,206,705 |
SHAREHOLDERS´ EQUITY (according to the corresponding statement)
|
2,429,305 | 2,481,815 | ||||||||||||
Total Assets
|
4,481,740 | 4,409,592 |
Total Liabilities and Shareholders´ Equity
|
4,481,740 | 4,409,592 |
|
The accompanying notes and exhibits are an integral part of these unaudited financial statements.
|
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
Revenues
|
130,649 | 114,411 | ||||||
Costs (Exhibit F)
|
(36,524 | ) | (41,978 | ) | ||||
Gross profit
|
94,125 | 72,433 | ||||||
Administrative expenses (Exhibit H)
|
(34,868 | ) | (40,358 | ) | ||||
Selling expenses (Exhibit H)
|
(7,520 | ) | (7,125 | ) | ||||
Subtotal
|
(42,388 | ) | (47,483 | ) | ||||
Gain from recognition of inventories at net realizable value
|
25,031 | 12,192 | ||||||
Operating income
|
76,768 | 37,142 | ||||||
Amortization of negative goodwill, net
|
1,039 | 1,039 | ||||||
Financial results generated by assets:
|
||||||||
Interest income
|
10,848 | 18,303 | ||||||
Foreign exchange gain
|
13,641 | 7,141 | ||||||
Other holding (loss) gain
|
(7,626 | ) | 6,630 | |||||
Subtotal
|
16,863 | 32,074 | ||||||
Financial results generated by liabilities:
|
||||||||
Interest expense (Exhibit H)
|
(107,136 | ) | (74,269 | ) | ||||
Foreign exchange loss
|
(67,358 | ) | (16,993 | ) | ||||
Other financial expenses (Exhibit H)
|
(3,247 | ) | (1,951 | ) | ||||
Subtotal
|
(177,741 | ) | (93,213 | ) | ||||
Financial results, net
|
(160,878 | ) | (61,139 | ) | ||||
Gain on equity investees (Note 12 c.)
|
187,741 | 190,068 | ||||||
Other expenses, net (Note 11)
|
(7,015 | ) | (6,654 | ) | ||||
Net income before tax
|
97,655 | 160,456 | ||||||
Income tax (Note 15)
|
35,397 | 10,102 | ||||||
Net income for the period
|
133,052 | 170,558 | ||||||
Earnings per share (Note 13):
|
||||||||
Basic net income per share
|
0.230 | 0.295 | ||||||
Diluted net income per share
|
0.230 | 0.295 |
The accompanying notes and exhibits are an integral part of these unaudited financial statements.
|
Alejandro G Elsztain
Vice president II
Acting as President
|
Shareholders’ contributions
|
Reserved earnings
|
|||||||||||||||||||||||||||||||||||||||
Caption
|
Common stock
(Note 14.a)
|
Inflation adjustment of common stock
|
Additional paid-in capital
|
Total
|
Legal Reserve
(Note 14.b)
|
Reserve for new developments
|
Long-term incentive program reserve (Note 23)
|
Cumulative translation adjustment
|
Retained earnings
|
Total at the period end
|
||||||||||||||||||||||||||||||
Balances as of June 30, 2010
|
578,676 | 274,387 | 793,123 | 1,646,186 | 40,306 | 193,486 | - | 17,459 | 505,609 | 2,403,046 | ||||||||||||||||||||||||||||||
Cumulative translation adjustment
|
- | - | - | - | - | - | - | 4,448 | - | 4,448 | ||||||||||||||||||||||||||||||
Approppiation of retained earnings approved by
Shareholders meeting held 10.29.10
|
||||||||||||||||||||||||||||||||||||||||
- Distribution of dividends
|
- | - | - | - | - | - | - | (120,000 | ) | (120,000 | ) | |||||||||||||||||||||||||||||
- Legal Reserve increase
|
- | - | - | - | 16,725 | - | - | - | (16,725 | ) | - | |||||||||||||||||||||||||||||
- Reserve for new developments increase
|
- | - | - | - | - | 197,776 | - | - | (197,776 | ) | - | |||||||||||||||||||||||||||||
Net gain for the period 07.01.10 – 12.31.10
|
- | - | - | - | - | - | - | - | 170,558 | 170,558 | ||||||||||||||||||||||||||||||
Balances as of December 31, 2010
|
578,676 | 274,387 | 793,123 | 1,646,186 | 57,031 | 391,262 | - | 21,907 | 341,666 | 2,458,052 | ||||||||||||||||||||||||||||||
Approppiation of retained earnings approved by
|
||||||||||||||||||||||||||||||||||||||||
Shareholders meeting held 05.26.11
|
||||||||||||||||||||||||||||||||||||||||
- Distribution of dividends
|
- | - | - | - | - | - | - | - | (100,000 | ) | (100,000 | ) | ||||||||||||||||||||||||||||
Cumulative translation adjustment
|
- | - | - | - | - | - | - | 12,217 | - | 12,217 | ||||||||||||||||||||||||||||||
Net gain for the period 01.01.11 – 06.30.11
|
- | - | - | - | - | - | - | - | 111,546 | 111,546 | ||||||||||||||||||||||||||||||
Balances as of June 30, 2011
|
578,676 | 274,387 | 793,123 | 1,646,186 | 57,031 | 391,262 | - | 34,124 | 353,212 | 2,481,815 | ||||||||||||||||||||||||||||||
Approppiation of retained earnings approved by
|
||||||||||||||||||||||||||||||||||||||||
Shareholders meeting held 10.31.11
|
||||||||||||||||||||||||||||||||||||||||
- Distribution of dividends
|
- | - | - | - | - | - | - | - | (211,575 | ) | (211,575 | ) | ||||||||||||||||||||||||||||
- Legal Reserve increase.
|
- | - | - | - | 14,105 | - | - | - | (14,105 | ) | - | |||||||||||||||||||||||||||||
- Reserve for new developments increase
|
- | - | - | - | - | 56,421 | - | - | (56,421 | ) | - | |||||||||||||||||||||||||||||
Long-term incentive program reserve
|
- | - | - | - | - | - | 2,312 | - | - | 2,312 | ||||||||||||||||||||||||||||||
Reimbursement of expired dividends. (see Note 1.5.r)
|
- | - | - | - | - | - | - | - | 3,640 | 3,640 | ||||||||||||||||||||||||||||||
Cumulative translation adjustment
|
- | - | - | - | - | - | - | 20,061 | - | 20,061 | ||||||||||||||||||||||||||||||
Net gain for the period 07.01.11 – 12.31.11
|
- | - | - | - | - | - | - | - | 133,052 | 133,052 | ||||||||||||||||||||||||||||||
Balances as of December 31, 2011
|
578,676 | 274,387 | 793,123 | 1,646,186 | 71,136 | 447,683 | 2,312 | 54,185 | 207,803 | 2,429,305 |
The accompanying notes and exhibits are an integral part of these unaudited financial statements.
|
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
CHANGES IN CASH AND CASH EQUIVALENTS
|
||||||||
Cash and cash equivalents as of the beginning of the year
|
45,162 | 57,467 | ||||||
Cash and cash equivalents as of the end of the period
|
28,758 | 119,296 | ||||||
Net (decrease) increase in cash and cash equivalents
|
(16,404 | ) | 61,829 | |||||
CAUSES OF CHANGES IN CASH AND CASH EQUIVALENTS
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
· Net income for the period
|
133,052 | 170,558 | ||||||
- Adjustments to reconcile net income to cash flows from operating activities:
|
||||||||
· Income tax accrued for the period
|
(35,397 | ) | (10,102 | ) | ||||
· Allowances and provisions
|
17,915 | 17,793 | ||||||
· Amortization and depreciation
|
11,555 | 12,238 | ||||||
· Gain on equity investees
|
(187,741 | ) | (190,068 | ) | ||||
· Financial results, net
|
50,357 | (10,823 | ) | |||||
· Accrued interest
|
105,279 | 63,047 | ||||||
· Long-term incentive program reserve (Note 23)
|
517 | - | ||||||
· Gain from recognition of inventories at net realizable value
|
(25,031 | ) | (12,192 | ) | ||||
· Amortization of negative goodwill, net
|
(1,039 | ) | (1,039 | ) | ||||
- Changes in certain assets and liabilities net of non-cash transactions:
|
||||||||
· Decrease in accounts receivable net
|
15,476 | 6,689 | ||||||
· Increase in other receivables
|
(1,438 | ) | (7,389 | ) | ||||
· Decrease in inventories
|
19,213 | 24,626 | ||||||
· Decrease in trade accounts payable
|
(3,758 | ) | (3,215 | ) | ||||
· Increase (Decrease) in customer advances
|
4,800 | (11,324 | ) | |||||
· Decrease in taxes payable, salaries and social security payable
|
(3,644 | ) | (2,995 | ) | ||||
· Decrease in other liabilities
|
(7,817 | ) | (12,179 | ) | ||||
Net cash provided by operating activities
|
92,299 | 33,625 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
· Increase in current investments
|
(21,937 | ) | (15,704 | ) | ||||
· Decrease in other investments
|
13,473 | 164,283 | ||||||
· Acquisition and improvements of fixed assets
|
(8,320 | ) | (573 | ) | ||||
· Decrease (Increase) in loans granted to related parties
|
35,637 | (59,638 | ) | |||||
· Share-holding increase in equity investees
|
(28 | ) | (480,317 | ) | ||||
· Irrevocable contributions in subsidiary companies
|
(1,723 | ) | (241,182 | ) | ||||
· Dividends collected
|
111,580 | 114,784 | ||||||
Net cash provided by (used in) investing activities:
|
128,682 | (518,347 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
· Dividends paid
|
(211,575 | ) | (120,000 | ) | ||||
· Proceeds from issuance of Non convertible notes 2020 net of expenses
|
- | 567,449 | ||||||
· Increase in bank overdraft, net
|
29,073 | 116,370 | ||||||
· Increase in loans received from related parties
|
18,190 | 54,925 | ||||||
· Increase (payment) of loans
|
30,000 | (40,000 | ) | |||||
· Interest paid
|
(103,073 | ) | (32,193 | ) | ||||
Net cash (used in) provided by financing activities:
|
(237,385 | ) | 546,551 | |||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENT
|
(16,404 | ) | 61,829 |
Alejandro G Elsztain
Vice president II
Acting as President
|
December 31, 2011
|
December 31, 2010
|
|||||||
Supplemental cash flow information
|
||||||||
· Income tax paid
|
- | 5,598 | ||||||
Non-cash activities:
|
||||||||
· Increase in non-current investments through a decrease in other receivables
|
- | 56,593 | ||||||
· Decrease in non-current investment through an increase in other receivables
|
819 | - | ||||||
· Increase in other receivables through an increase in taxes payable
|
3,032 | - | ||||||
· Cumulative translation adjustment of investments
|
20,061 | 4,448 | ||||||
· Transfer of fixed assets to inventories
|
10,469 | - | ||||||
· Transfer of undeveloped parcels of land to inventories
|
- | 3,030 | ||||||
· Increase in inventories through a decrease in equity investments
|
- | 14,541 | ||||||
· Long term incentive program reserve
|
1,795 | - | ||||||
· Reimbursement of dividends barred by the statute of limitations
|
3,640 | - | ||||||
Composition of cash and cash equivalents at the period end
|
||||||||
Cash and banks
|
18,918 | 11,030 | ||||||
Current investments
|
42,168 | 145,033 | ||||||
Subtotal cash and banks and current investments
|
61,086 | 156,063 | ||||||
Less: (items not considered cash and cash equivalents)
|
||||||||
· Boden 2012
|
1 | 2 | ||||||
· Boden 2013
|
12 | 14 | ||||||
· Mutual funds
|
2,349 | 2,097 | ||||||
· Stock shares
|
17,107 | 20,595 | ||||||
· Non-convertible Notes APSA 2012 – Accrued interest
|
39 | 116 | ||||||
· Non-convertible Notes APSA 2012
|
6,645 | 8,238 | ||||||
· Convertible Notes APSA 2014 – Accrued interest
|
6,175 | 5,705 | ||||||
Cash and cash equivalents
|
28,758 | 119,296 |
Alejandro G Elsztain
Vice president II
Acting as President
|
|
In thousands of pesos
|
|
Free translation from the original prepared in Spanish for publication in Argentina
|
NOTE 1:
|
ACCOUNTING STANDARDS
|
|
1.2.
|
Use of estimates
|
NOTE 1:
|
(Continued)
|
1.4.
|
Comparative information
|
|
b.
|
Foreign currency assets and liabilities
|
1.5.
|
(Continued)
|
|
g.
|
Balances corresponding to financial transactions and sundry receivables and payables with related parties
|
1.5.
|
(Continued)
|
h.
|
Inventories
|
·
|
Units to be received
|
i.
|
Non-current investments
|
·
|
Investments in debt securities:
|
1.5.
|
(Continued)
|
|
i.
|
(Continued)
|
·
|
Investments in subsidiaries and equity investments:
|
·
|
Banco Hipotecario S.A. and Banco de Crédito & Securitización S.A.:
|
·
|
Tyrus S.A.:
|
·
|
Undeveloped parcels of lands:
|
|
1.5.
|
(Continued)
|
|
i.
|
(Continued)
|
|
j.
|
Fixed assets, net
|
·
|
Rental properties:
|
1.5.
|
(Continued)
|
|
j.
|
(Continued)
|
·
|
Other properties and equipment:
|
Assets
|
Estimated useful life (years)
|
|||
Leasehold improvements
|
On contract basis
|
|||
Furniture and fixtures
|
10 | |||
Vehicles
|
5 | |||
Machinery and equipment
|
10 | |||
Computer equipment
|
3 |
k.
|
Intangible assets, net
|
1.5.
|
(Continued)
|
l.
|
Business combinations
|
m.
|
Debt issuance costs
|
n.
|
Customer advances
|
1.5.
|
(Continued)
|
|
p.
|
MPIT
|
|
q.
|
Allowances and Provisions
|
·
|
Allowance for doubtful accounts:
|
|
q.
|
(Continued)
|
·
|
For impairment of assets:
|
·
|
For lawsuits:
|
|
q.
|
(Continued)
|
|
r.
|
Shareholders’ equity accounts
|
|
s.
|
Profit and loss accounts
|
|
s.
|
(Continued)
|
|
t.
|
Revenue recognition
|
·
|
The sale has been consummated.
|
·
|
There is sufficient evidence to demonstrate the buyer’s ability and commitment to pay for the property.
|
·
|
The Company’s receivable is not subject to future subordination.
|
·
|
The Company has transferred the property to the buyer.
|
|
t.2.
|
Revenues from leases
|
|
u.
|
Cash and cash equivalents
|
|
w.
|
Dividends
|
|
x.
|
Financial Derivatives Instruments
|
|
x.
|
(Continued)
|
December 31,
2011
|
June 30,
2011
|
|||||||
Cash on hand (Exhibit G)
|
114 | 149 | ||||||
Banks accounts (Exhibit G)
|
18,804 | 27,127 | ||||||
18,918 | 27,276 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Trade receivables, leases receivable and services (1) (Exhibit G)
|
28,472 | 330 | 27,569 | 1,885 | ||||||||||||
Related parties (Note 12.a.) (Exhibit G)
|
10,998 | - | 15,285 | - | ||||||||||||
Debtors under legal proceedings and past due debts
|
8,162 | - | 8,596 | - | ||||||||||||
Checks to be deposited
|
1,788 | - | 6,908 | - | ||||||||||||
Less:
|
||||||||||||||||
Allowance for doubtful accounts (Exhibit E)
|
(9,838 | ) | - | (9,822 | ) | - | ||||||||||
39,582 | 330 | 48,536 | 1,885 |
(1)
|
Current and non-current receivables from the sale of real estate are secured by first degree mortgages in favor of the Company.
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Related parties (Note 12.a.) (Exhibit G)
|
25,841 | 2,855 | 58,914 | 2,851 | ||||||||||||
Prepaid expenses
|
4,134 | 1,384 | 5,417 | 992 | ||||||||||||
MPIT
|
214 | 64,866 | 2,363 | 54,278 | ||||||||||||
Present value
|
- | (146 | ) | - | (146 | ) | ||||||||||
Maintenance fees to be reimbursed
|
1,393 | - | - | - | ||||||||||||
Others (Exhibit G)
|
4,482 | 755 | 6,214 | 763 | ||||||||||||
36,064 | 69,714 | 72,908 | 58,738 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Museo Renault (4)
|
21,148 | - | - | - | ||||||||||||
Units to be received Caballito (1) (Note 12.a.)
|
- | 52,205 | - | 51,999 | ||||||||||||
Caballito Nuevo (2)
|
2,660 | 441 | 5,473 | - | ||||||||||||
El Encuentro (3)
|
1,665 | 1,680 | 4,432 | 1,486 | ||||||||||||
Plots of land receivable Pereiraola (5)
|
- | 8,200 | - | 8,200 | ||||||||||||
Abril
|
358 | 727 | 1,085 | - | ||||||||||||
Other inventories
|
867 | - | 989 | - | ||||||||||||
26,698 | 63,253 | 11,979 | 61,685 |
December 31, 2011
|
June 30, 2011
|
|||||||
Related parties (Note 12.a.) (Exhibit G)
|
6,985 | 6,252 | ||||||
Suppliers (Exhibit G)
|
5,504 | 5,629 | ||||||
Accruals
|
6,092 | 6,746 | ||||||
Others
|
195 | 107 | ||||||
18,776 | 18,734 |
December 31, 2011
|
June 30, 2011
|
|||||||
Customer advances (Exhibit G)
|
7,539 | 3,632 | ||||||
Leases and services advances
|
11 | 1,339 | ||||||
7,550 | 4,971 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Bank overdrafts
|
394,042 | - | 365,198 | - | ||||||||||||
Bank loans (Exhibit G) (1)
|
140,945 | 28,887 | 108,968 | 27,585 | ||||||||||||
Non-convertible Notes -2017 (Note 17 and Exhibit G)(2)
|
21,990 | 641,956 | 20,960 | 612,419 | ||||||||||||
Non-convertible Notes -2020 (Note 17 and Exhibit G)(3)
|
32,287 | 627,467 | 30,800 | 598,116 | ||||||||||||
589,264 | 1,298,310 | 525,926 | 1,238,120 |
|
(1)
|
Balances as of December 31, 2011 includes:
|
a)
|
Ps. 30,103 under current balances and Ps. 28,887 under long-term balances in relation to the debt for purchase the Republica building (Exhibit G).
|
b)
|
Ps. 60,713 as current loans granted by Banco Provincia due in May and July, 2012, and accruing interest at a fixed rate of 14% per annum.
|
c)
|
Ps. 50,129 as current loan granted by Banco Nación due in November 2012 at a nominal Badlar rate plus 400 basic points.
|
|
(2)
|
It is disclosed net of issuance expenses for Ps. 874 current and Ps. 3,644 non-current as of December 31, 2011 and Ps. 874 current and Ps. 4,081 non-current as of June 30, 2011.
|
|
(3)
|
It is disclosed net of issuance expenses for Ps. 710 current and Ps. 5,328 non-current as of December 31, 2011 and Ps. 710 current and Ps. 5,683 non-current as of June 30, 2011.
|
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Provision on tax on Shareholders’ personal assets
|
4,199 | - | 3,668 | - | ||||||||||||
MPIT, net
|
604 | 5,743 | - | - | ||||||||||||
VAT, net
|
1,424 | - | 3,965 | - | ||||||||||||
Tax retentions to third parties
|
1,299 | - | 1,051 | - | ||||||||||||
Gross revenue tax
|
342 | - | 555 | - | ||||||||||||
Tax facilities for gross revenue tax
|
106 | 168 | 128 | 222 | ||||||||||||
Tax facilities for municipal taxes
|
142 | 260 | 142 | 331 | ||||||||||||
Deferred income tax (Note 15)
|
- | 5,859 | - | 41,256 | ||||||||||||
Other taxes
|
178 | - | 572 | - | ||||||||||||
8,294 | 12,030 | 10,081 | 41,809 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Related parties (Note 12.a. and Exhibit G)
|
40,224 | 50,472 | 11,670 | 55,139 | ||||||||||||
Directors’ fees provision (Note 12.a.) (1)
|
5,189 | - | 5,508 | - | ||||||||||||
Administration and reserve funds
|
3,604 | - | 2,975 | - | ||||||||||||
Guarantee deposits (Exhibit G)
|
2,884 | 5,576 | 2,479 | 4,873 | ||||||||||||
Present value
|
- | (93 | ) | - | (95 | ) | ||||||||||
Operations to liquidate (Note 22)
|
876 | - | - | - | ||||||||||||
Others
|
1,237 | 195 | 1,224 | 195 | ||||||||||||
54,014 | 56,150 | 23,856 | 60,112 |
|
(1)
|
As of December 31, and June 30, 2011 is disclosed net of advances to Directors for Ps. 4,566 and Ps. 17,935, respectively.
|
December 31,
2011
|
December 31,
2010
|
|||||||
Other income:
|
||||||||
Recovery of allowances
|
294 | - | ||||||
Others
|
1,669 | 18 | ||||||
Subtotal
|
1,963 | 18 | ||||||
Other expenses:
|
||||||||
Donations
|
(2,051 | ) | (3,646 | ) | ||||
Tax on Shareholders´ personal assets
|
(1,948 | ) | (2,295 | ) | ||||
Unrecoverable VAT
|
(19 | ) | (559 | ) | ||||
Lawsuits contingencies (1)
|
(4,460 | ) | (121 | ) | ||||
Others
|
(500 | ) | (51 | ) | ||||
Subtotal
|
(8,978 | ) | (6,672 | ) | ||||
Total Other expenses, net
|
(7,015 | ) | (6,654 | ) |
|
(1)
|
As of December 31, 2011 and 2010 includes Ps. 31 and Ps. 104, corresponding to legal expenses and provisions.
|
NOTE 12:
|
BALANCES AND TRANSACTIONS WITH SUBSIDIARIES, SHAREHOLDERS, AFFILIATED AND RELATED PARTIES
|
a.
|
The balances as of December 31 and June 30, 2011 with subsidiaries shareholders, affiliated and related companies are as follows:
|
Related parties
|
Current
Investments
|
Non-current Investments
|
Account receivable, net -current
|
Other
receivables -
current
|
Other
receivable -
non-current
|
Inventories
non-current
Units to be received Caballito
|
Trade accounts
payable -
current
|
Other current
liabilities
|
Other non-current
liabilities
|
Total
|
||||||||||||||||||||||||||||||
Alto Palermo S.A. (1)
|
12,859 | 136,601 | 839 | 1,816 | - | - | (2,262 | ) | (14 | ) | - | 149,839 | ||||||||||||||||||||||||||||
Arcos del Gourmet S.A. (1)
|
- | - | 1 | 1 | - | - | - | - | - | 2 | ||||||||||||||||||||||||||||||
Baicom Networks S.A. (5)
|
- | - | 2 | 11 | - | - | (8 | ) | (47 | ) | - | (42 | ) | |||||||||||||||||||||||||||
Banco Hipotecario S.A. (3)
|
- | - | - | - | - | - | (1,044 | ) | - | - | (1,044 | ) | ||||||||||||||||||||||||||||
Cactus Argentina S.A. (3)
|
- | - | 3 | - | - | - | - | - | - | 3 | ||||||||||||||||||||||||||||||
Canteras Natal Crespo S.A. (5)
|
- | - | 867 | 97 | - | - | - | - | - | 964 | ||||||||||||||||||||||||||||||
Consorcio Dock del Plata (4)
|
- | - | - | - | - | - | (76 | ) | - | - | (76 | ) | ||||||||||||||||||||||||||||
Consorcio Libertador (4)
|
- | - | 31 | 25 | - | - | (23 | ) | (4 | ) | - | 29 | ||||||||||||||||||||||||||||
Consorcio Torre Boston (4)
|
- | - | 37 | 199 | - | - | (141 | ) | - | - | 95 | |||||||||||||||||||||||||||||
Consultores Assets Management S.A. (4)
|
- | - | 2,033 | 29 | - | - | (5 | ) | - | - | 2,057 | |||||||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (2)
|
- | - | - | 10,557 | - | - | - | (3,945 | ) | - | 6,612 | |||||||||||||||||||||||||||||
Cyrsa S.A. (5)
|
- | - | 35 | 439 | - | - | (46 | ) | - | - | 428 | |||||||||||||||||||||||||||||
Directors (4)
|
- | - | - | 156 | - | - | (49 | ) | (5,189 | ) | (8 | ) | (5,090 | ) | ||||||||||||||||||||||||||
E-Commerce Latina S.A. (1)
|
- | - | 1 | - | - | - | - | (309 | ) | (6,966 | ) | (7,274 | ) | |||||||||||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | - | - | - | (1 | ) | - | - | (1 | ) | ||||||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (4)
|
- | - | - | 47 | - | - | (227 | ) | - | - | (180 | ) | ||||||||||||||||||||||||||||
Fibesa S.A. (1)
|
- | - | 126 | 16 | - | - | (5 | ) | - | - | 137 | |||||||||||||||||||||||||||||
Fundación IRSA (4)
|
- | - | 27 | 2 | - | - | (1 | ) | - | - | 28 | |||||||||||||||||||||||||||||
Futuros y opciones S.A. (3)
|
- | - | - | - | - | - | (2 | ) | - | - | (2 | ) | ||||||||||||||||||||||||||||
Hersha Hospitality Trust (3)
|
- | - | - | 148 | - | - | - | - | - | 148 | ||||||||||||||||||||||||||||||
Hoteles Argentinos S.A. (1)
|
- | - | 1 | 53 | - | - | - | (863 | ) | - | (809 | ) | ||||||||||||||||||||||||||||
IMadison LLC (1)
|
- | - | - | 774 | - | - | - | - | - | 774 | ||||||||||||||||||||||||||||||
Inversora Bolívar S.A. (1)
|
- | - | - | 34 | - | - | (27 | ) | (173 | ) | (7,274 | ) | (7,440 | ) | ||||||||||||||||||||||||||
IRSA International LLC (1)
|
- | - | - | 767 | - | - | (575 | ) | - | - | 192 | |||||||||||||||||||||||||||||
Jiwin S.A. (1)
|
- | - | - | 1 | - | - | - | - | - | 1 | ||||||||||||||||||||||||||||||
Llao Llao Resorts S.A. (1)
|
- | - | 1,965 | 7,791 | - | - | (1 | ) | - | (8 | ) | 9,747 | ||||||||||||||||||||||||||||
Museo de los niños (4)
|
- | - | 30 | - | - | - | (3 | ) | - | - | 27 | |||||||||||||||||||||||||||||
New Lipstick LLC (3)
|
- | - | - | 1,001 | - | - | - | - | - | 1,001 | ||||||||||||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | 107 | 1 | - | - | (30 | ) | (33,871 | ) | - | (33,793 | ) | |||||||||||||||||||||||||||
Palermo Invest S.A. (1)
|
- | - | - | 5 | - | - | - | (223 | ) | - | (218 | ) | ||||||||||||||||||||||||||||
Panamerican Mall S.A. (1)
|
- | - | 15 | 72 | - | - | - | - | - | 87 | ||||||||||||||||||||||||||||||
Loans granted to employees (4)
|
- | - | - | 640 | - | - | (22 | ) | - | - | 618 | |||||||||||||||||||||||||||||
Puerto Retiro S.A. (5)
|
- | - | 118 | 18 | - | - | (11 | ) | - | - | 125 | |||||||||||||||||||||||||||||
Quality Invest S.A. (5)
|
- | - | 355 | - | - | - | (37 | ) | (112 | ) | - | 206 | ||||||||||||||||||||||||||||
Real Estate Investment Group LP (1)
|
- | - | - | 919 | - | - | - | - | - | 919 | ||||||||||||||||||||||||||||||
Real Estate Investment Group LP V (1)
|
- | - | - | 10 | - | - | - | - | - | 10 | ||||||||||||||||||||||||||||||
Real Estate Strategies LP (1)
|
- | - | - | 10 | - | - | - | - | - | 10 | ||||||||||||||||||||||||||||||
Ritelco S.A. (1)
|
- | - | 5 | - | - | - | - | (663 | ) | (36,216 | ) | (36,874 | ) | |||||||||||||||||||||||||||
Solares de Santa María S.A. (1)
|
- | - | 2,393 | 52 | 2,855 | - | - | - | - | 5,300 | ||||||||||||||||||||||||||||||
Tarshop S.A. (3)
|
- | - | 333 | 6 | - | - | - | - | - | 339 | ||||||||||||||||||||||||||||||
TGLT S.A. (3)
|
- | - | 1,634 | - | - | 52,205 | (2,389 | ) | - | - | 51,450 | |||||||||||||||||||||||||||||
Torodur S.A. (1)
|
- | - | 11 | 124 | - | - | - | - | - | 135 | ||||||||||||||||||||||||||||||
Tyrus S.A. (1)
|
- | - | 28 | 20 | - | - | - | - | - | 48 | ||||||||||||||||||||||||||||||
Unicity S.A. (1)
|
- | - | 1 | - | - | - | - | - | - | 1 | ||||||||||||||||||||||||||||||
Totals as of December 31, 2011
|
12,859 | 136,601 | 10,998 | 25,841 | 2,855 | 52,205 | (6,985 | ) | (45,413 | ) | (50,472 | ) | 138,489 |
NOTE 12:
|
(Continued)
|
|
a.
|
(Continued)
|
Related parties
|
Current
Investments
|
Non-current
Investments
|
Account receivable – net current
|
Other
receivables -
current
|
Other
receivables -
non current
|
Inventories
non current
Units to be received Caballito
|
Trade accounts
payable -
current
|
Other current
liabilities
|
Other
– non current liabilities
|
Total
|
||||||||||||||||||||||||||||||
Alto Palermo S.A. (1)
|
19,228 | 130,444 | 2,148 | 595 | - | - | (1,858 | ) | (10 | ) | - | 150,547 | ||||||||||||||||||||||||||||
Arcos del Gourmet S.A. (1)
|
- | - | 1 | 1 | - | - | - | - | - | 2 | ||||||||||||||||||||||||||||||
Baicom Networks S.A. (5)
|
- | - | 122 | 9 | - | - | - | - | - | 131 | ||||||||||||||||||||||||||||||
Banco Hipotecario S.A. (3)
|
- | - | - | - | - | - | (252 | ) | - | - | (252 | ) | ||||||||||||||||||||||||||||
Cactus Argentina S.A. (3)
|
- | - | 3 | - | - | - | - | - | - | 3 | ||||||||||||||||||||||||||||||
Canteras Natal Crespo S.A. (5)
|
- | - | 804 | 83 | - | - | - | - | - | 887 | ||||||||||||||||||||||||||||||
Consorcio Dock del Plata (4)
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Consorcio Libertador (4)
|
- | - | 139 | 16 | - | - | (63 | ) | (4 | ) | - | 88 | ||||||||||||||||||||||||||||
Consorcio Torre Boston (4)
|
- | - | 1,076 | 344 | - | - | (836 | ) | - | - | 584 | |||||||||||||||||||||||||||||
Consultores Assets Management S.A. (4)
|
- | - | 986 | 29 | - | - | (4 | ) | - | - | 1,011 | |||||||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (2)
|
- | - | - | 7,614 | - | - | - | (4,906 | ) | - | 2,708 | |||||||||||||||||||||||||||||
Cyrsa S.A. (5)
|
- | - | 3,344 | 21 | - | - | (2,169 | ) | - | - | 1,196 | |||||||||||||||||||||||||||||
Directors (4)
|
- | - | - | 155 | - | - | - | (5,508 | ) | (8 | ) | (5,361 | ) | |||||||||||||||||||||||||||
E-Commerce Latina S.A. (1)
|
- | - | - | 1 | - | - | - | (297 | ) | - | (296 | ) | ||||||||||||||||||||||||||||
Emprendimiento Recoleta S.A. (1)
|
- | - | - | - | - | - | (4 | ) | (2 | ) | - | (6 | ) | |||||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (4)
|
- | - | - | 9 | - | - | (431 | ) | - | - | (422 | ) | ||||||||||||||||||||||||||||
Fibesa S.A. (1)
|
- | - | 50 | 10 | - | - | (8 | ) | - | - | 52 | |||||||||||||||||||||||||||||
Fundación IRSA (4)
|
- | - | 28 | 1 | - | - | (1 | ) | - | - | 28 | |||||||||||||||||||||||||||||
Futuros y opciones S.A. (3)
|
- | 1 | - | - | - | (2 | ) | - | - | (1 | ) | |||||||||||||||||||||||||||||
Hersha Hospitality Trust (3)
|
- | - | - | 142 | - | - | - | - | - | 142 | ||||||||||||||||||||||||||||||
Hoteles Argentinos S.A. (1)
|
- | - | 1 | 53 | - | - | - | (825 | ) | - | (771 | ) | ||||||||||||||||||||||||||||
IMadison LLC (1)
|
- | - | - | 714 | - | - | - | - | - | 714 | ||||||||||||||||||||||||||||||
Inversora Bolívar S.A. (1)
|
- | - | - | 5 | - | - | (25 | ) | (134 | ) | - | (154 | ) | |||||||||||||||||||||||||||
IRSA International LLC (1)
|
- | - | - | 670 | - | - | (549 | ) | - | - | 121 | |||||||||||||||||||||||||||||
Llao Llao Resorts S.A. (1)
|
- | - | 1,897 | 1,041 | - | - | - | - | (7 | ) | 2,931 | |||||||||||||||||||||||||||||
Museo de los niños (4)
|
- | - | 29 | - | - | - | (3 | ) | - | - | 26 | |||||||||||||||||||||||||||||
New Lipstick LLC (3)
|
- | - | - | 842 | - | - | - | - | - | 842 | ||||||||||||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
- | - | 102 | 1 | - | - | (14 | ) | (5,037 | ) | - | (4,948 | ) | |||||||||||||||||||||||||||
Palermo Invest S.A. (1)
|
- | - | - | 4 | - | - | - | (210 | ) | - | (206 | ) | ||||||||||||||||||||||||||||
Panamerican Mall S.A. (1)
|
- | - | 37 | 3 | - | - | (1 | ) | - | - | 39 | |||||||||||||||||||||||||||||
Loans granted to employees (4)
|
- | - | - | 421 | - | - | (21 | ) | - | - | 400 | |||||||||||||||||||||||||||||
Puerto Retiro S.A. (5)
|
- | - | 116 | 1 | - | - | (11 | ) | - | - | 106 | |||||||||||||||||||||||||||||
Quality Invest S.A. (5)
|
- | - | 1,597 | 483 | - | - | - | (32 | ) | - | 2,048 | |||||||||||||||||||||||||||||
Real Estate Investment Group LP (1)
|
- | - | - | 9,171 | - | - | - | - | - | 9,171 | ||||||||||||||||||||||||||||||
Real Estate Investment Group LP IV (1)
|
- | - | - | 34,605 | - | - | - | - | - | 34,605 | ||||||||||||||||||||||||||||||
Real Estate Investment Group LP V (1)
|
- | - | - | 9 | - | - | - | - | - | 9 | ||||||||||||||||||||||||||||||
Real Estate Strategies LP (1)
|
- | - | - | 9 | - | - | - | - | - | 9 | ||||||||||||||||||||||||||||||
Ritelco S.A. (1)
|
- | - | - | 4 | - | - | - | (213 | ) | (55,124 | ) | (55,333 | ) | |||||||||||||||||||||||||||
Shopping Neuquén S.A. (1)
|
- | - | - | 1 | - | - | - | - | - | 1 | ||||||||||||||||||||||||||||||
Solares de Santa María S.A. (1)
|
- | - | 1,979 | 48 | 2,851 | - | - | - | - | 4,878 | ||||||||||||||||||||||||||||||
Tarshop S.A. (3)
|
- | - | 113 | - | - | - | - | - | - | 113 | ||||||||||||||||||||||||||||||
TGLT S.A. (3)
|
- | - | 658 | 1,680 | - | 51,999 | - | - | - | 54,337 | ||||||||||||||||||||||||||||||
Torodur S.A. (1)
|
- | - | 10 | 113 | - | - | - | - | - | 123 | ||||||||||||||||||||||||||||||
Tyrus S.A. (1)
|
- | - | 26 | 6 | - | - | - | - | - | 32 | ||||||||||||||||||||||||||||||
Unicity S.A. (1)
|
- | 18 | - | - | - | - | - | - | 18 | |||||||||||||||||||||||||||||||
Totals as of June 30, 2011
|
19,228 | 130,444 | 15,285 | 58,914 | 2,851 | 51,999 | (6,252 | ) | (17,178 | ) | (55,139 | ) | 200,152 |
NOTE 12:
|
(Continued)
|
|
b.
|
Results on subsidiary, shareholder, affiliated and related parties during the period ended December 31, 2011 and 2010 are as follows:
|
Related parties
|
Sale and services fees
|
Leases
|
Interest
Income
|
Donations
|
Fees
|
Interest
expense
|
Total
|
|||||||||||||||||||||
Alto Palermo S.A. (1)
|
154 | 2,462 | 7,455 | - | (1,228 | ) | - | 8,843 | ||||||||||||||||||||
Canteras Natal Crespo S.A. (5)
|
48 | - | 4 | - | - | - | 52 | |||||||||||||||||||||
Consultores Assets Management S.A. (3)
|
- | 59 | - | - | - | - | 59 | |||||||||||||||||||||
Consorcio Torre Boston (4)
|
161 | - | - | - | - | - | 161 | |||||||||||||||||||||
Cresud S.A.C.I.F. y A. (2)
|
- | 385 | 1,481 | - | (10,827 | ) | - | (8,961 | ) | |||||||||||||||||||
Consorcio Libertador (4)
|
61 | 7 | - | - | - | - | 68 | |||||||||||||||||||||
Cyrsa S.A. (5)
|
- | 8 | - | - | - | - | 8 | |||||||||||||||||||||
Directors (4)
|
- | - | - | - | (9,755 | ) | - | (9,755 | ) | |||||||||||||||||||
E-Commerce Latina S.A. (1)
|
3 | - | - | - | - | (143 | ) | (140 | ) | |||||||||||||||||||
Estudio Zang, Bergel & Viñes (4)
|
- | - | - | - | (1,134 | ) | - | (1,134 | ) | |||||||||||||||||||
Fibesa S.A. (1)
|
- | 412 | - | - | - | - | 412 | |||||||||||||||||||||
Fundación IRSA (4)
|
- | - | - | (1,283 | ) | - | - | (1,283 | ) | |||||||||||||||||||
Inversora Bolívar S.A. (1)
|
- | - | - | - | - | (149 | ) | (149 | ) | |||||||||||||||||||
Llao Llao Resorts S.A. (1)
|
- | 40 | - | - | - | - | 40 | |||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
249 | - | - | - | - | (744 | ) | (495 | ) | |||||||||||||||||||
Loans granted to employees (4)
|
- | - | 12 | - | - | - | 12 | |||||||||||||||||||||
Quality Invest S.A. (5)
|
108 | - | - | - | - | - | 108 | |||||||||||||||||||||
Real Estate Investment Group LP (1)
|
- | - | 142 | - | - | - | 142 | |||||||||||||||||||||
Real Estate Investment Group IV (1)
|
- | - | 270 | - | - | - | 270 | |||||||||||||||||||||
Ritelco S.A. (1)
|
- | - | - | - | - | (483 | ) | (483 | ) | |||||||||||||||||||
Tarshop S.A. (3)
|
110 | 1,410 | - | - | - | - | 1,520 | |||||||||||||||||||||
Totals as of December 31, 2011
|
894 | 4,783 | 9,364 | (1,283 | ) | (22,944 | ) | (1,519 | ) | (10,705 | ) |
NOTE 12:
|
(Continued)
|
|
b.
|
(Continued)
|
Related parties
|
Sale and services fees
|
Leases
|
Costs of services
|
Interest
Income
|
Donations
|
Fees
|
Interest
expense
|
Total
|
||||||||||||||||||||||||
Alto Palermo S.A. (1)
|
- | 2,237 | - | 11,218 | - | (641 | ) | (722 | ) | 12,092 | ||||||||||||||||||||||
Canteras Natal Crespo S.A. (5)
|
48 | - | - | 4 | - | - | - | 52 | ||||||||||||||||||||||||
Cresud S.A.C.I.F. y A. (2)
|
- | 339 | - | 908 | - | (8,341 | ) | (4,760 | ) | (11,854 | ) | |||||||||||||||||||||
Consorcio Dock del Plata (4)
|
78 | - | - | - | - | - | - | 78 | ||||||||||||||||||||||||
Consorcio Libertador (4)
|
61 | 6 | - | - | - | - | - | 67 | ||||||||||||||||||||||||
Consorcio Torre Boston (4)
|
161 | - | (2,966 | ) | - | - | - | - | (2,805 | ) | ||||||||||||||||||||||
Consultores Assets Management S.A. (4)
|
- | 11 | - | - | - | - | - | 11 | ||||||||||||||||||||||||
Cyrsa S.A. (5)
|
- | 8 | - | - | - | - | - | 8 | ||||||||||||||||||||||||
Directors (4)
|
- | - | - | - | - | (14,666 | ) | - | (14,666 | ) | ||||||||||||||||||||||
E-Commerce Latina S.A. (1)
|
3 | - | - | 413 | - | - | - | 416 | ||||||||||||||||||||||||
Estudio Zang, Bergel & Viñes (4)
|
- | - | - | - | - | (1,498 | ) | - | (1,498 | ) | ||||||||||||||||||||||
Fibesa S.A. (1)
|
19 | 360 | - | - | - | - | - | 379 | ||||||||||||||||||||||||
Fundación IRSA (4)
|
- | - | - | - | (1,739 | ) | - | - | (1,739 | ) | ||||||||||||||||||||||
Inversora Bolivar S.A. (1)
|
- | - | - | 397 | - | - | - | 397 | ||||||||||||||||||||||||
Llao Llao Resorts S.A. (1)
|
- | 38 | - | 612 | - | - | - | 650 | ||||||||||||||||||||||||
Nuevas Fronteras S.A. (1)
|
415 | - | - | - | - | - | (120 | ) | 295 | |||||||||||||||||||||||
Palermo Invest S.A. (1)
|
- | - | - | 119 | - | - | (5 | ) | 114 | |||||||||||||||||||||||
Quality Invest S.A. (5)
|
- | - | - | 81 | - | - | - | 81 | ||||||||||||||||||||||||
Ritelco S.A. (1)
|
- | - | - | 275 | - | - | (483 | ) | (208 | ) | ||||||||||||||||||||||
Solares de Santa María S.A. (1)
|
- | - | - | 693 | - | - | - | 693 | ||||||||||||||||||||||||
Tarshop S.A. (3)
|
95 | 1,222 | - | - | - | - | - | 1,317 | ||||||||||||||||||||||||
Tyrus S.A. (1)
|
- | - | - | 340 | - | - | - | 340 | ||||||||||||||||||||||||
Totals as of December 31, 2010
|
880 | 4,221 | (2,966 | ) | 15,060 | (1,739 | ) | (25,146 | ) | (6,090 | ) | (15,780 | ) |
|
(1)
|
Subsidiary (direct or indirect).
|
|
(2)
|
Shareholders.
|
|
(3)
|
Related party (direct or indirect).
|
|
(4)
|
Related party.
|
|
(5)
|
Direct or indirectly joint control.
|
|
c.
|
The composition of gain on equity investees is as follows:
|
(Loss)/Gain
|
(Loss)/Gain
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
Gain on equity investees
|
188,735 | 186,538 | ||||||
Amortization of negative goodwill and lower/higher purchase values/acquisition expenses
|
3,106 | 9,250 | ||||||
Accrual of financial results from notes of APSA (Note 18.1)
|
(3,591 | ) | (5,554 | ) | ||||
Foreign exchange gain on higher value of notes of APSA
|
(509 | ) | (166 | ) | ||||
187,741 | 190,068 |
December 31, 2011
|
December 31, 2010
|
|||||||
Weighted - average outstanding shares
|
578,676 | 578,676 | ||||||
Dilutive effect
|
- | - | ||||||
Weighted - average diluted common shares
|
578,676 | 578,676 |
December 31, 2011
|
December 31, 2010
|
|||||||
Net income for calculation of basic earnings per share
|
133,052 | 170,558 | ||||||
Dilutive effect
|
- | - | ||||||
Net income for calculation of diluted earnings per share
|
133,052 | 170,558 | ||||||
Net basic income per share
|
0.230 | 0.295 | ||||||
Net diluted income per share
|
0.230 | 0.295 |
|
a.
|
Common stock
|
Par Value
|
Approved by
|
Date of record with the Public Registry of Commerce
|
||
Body
|
Date
|
|||
Shares issued for cash
|
-
|
First Meeting for IRSA’s Incorporation
|
04.05.1943
|
06.25.1943
|
Shares issued for cash
|
16,000
|
Extraordinary Shareholders´ Meeting
|
11.18.1991
|
04.28.1992
|
Shares issued for cash
|
16,000
|
Extraordinary Shareholders´ Meeting
|
04.29.1992
|
06.11.1993
|
Shares issued for cash
|
40,000
|
Extraordinary Shareholders´ Meeting
|
04.20.1993
|
10.13.1993
|
Shares issued for cash
|
41,905
|
Extraordinary Shareholders´ Meeting
|
10.14.1994
|
04.24.1995
|
Shares issued for cash
|
2,000
|
Extraordinary Shareholders´ Meeting
|
10.14.1994
|
06.17.1997
|
Shares issued for cash
|
74,951
|
Extraordinary Shareholders´ Meeting
|
10.30.1997
|
07.02.1999
|
Shares issued for cash
|
21,090
|
Extraordinary Shareholders´ Meeting
|
04.07.1998
|
04.24.2000
|
Shares issued for cash
|
54
|
Board of Directors´ Meeting
|
05.15.1998
|
07.02.1999
|
Shares issued for cash
|
9
|
Board of Directors´ Meeting (1)
|
04.15.2003
|
04.28.2003
|
Shares issued for cash
|
4
|
Board of Directors´ Meeting (1)
|
05.21.2003
|
05.29.2003
|
Shares issued for cash
|
172
|
Board of Directors´ Meeting (1)
|
08.22.2003
|
02.13.2006
|
Shares issued for cash
|
27
|
Board of Directors´ Meeting (1)
|
08.22.2003
|
02.13.2006
|
Shares issued for cash
|
8,585
|
Board of Directors´ Meeting (1)
|
12.31.2003
|
02.13.2006
|
Shares issued for cash
|
8,493
|
Board of Directors´ Meeting (2)
|
12.31.2003
|
02.13.2006
|
Shares issued for cash
|
4,950
|
Board of Directors´ Meeting (1)
|
03.31.2004
|
02.13.2006
|
Shares issued for cash
|
4,013
|
Board of Directors´ Meeting (2)
|
03.31.2004
|
02.13.2006
|
Shares issued for cash
|
10,000
|
Board of Directors´ Meeting (1)
|
06.30.2004
|
02.13.2006
|
Shares issued for cash
|
550
|
Board of Directors´ Meeting (2)
|
06.30.2004
|
02.13.2006
|
Shares issued for cash
|
9,450
|
Board of Directors´ Meeting (2)
|
09.30.2004
|
02.13.2006
|
Shares issued for cash
|
1,624
|
Board of Directors´ Meeting (1)
|
12.31.2004
|
02.13.2006
|
Shares issued for cash
|
1,643
|
Board of Directors´ Meeting (2)
|
12.31.2004
|
02.13.2006
|
Shares issued for cash
|
41,816
|
Board of Directors´ Meeting (1)
|
03.31.2005
|
02.13.2006
|
Shares issued for cash
|
35,037
|
Board of Directors´ Meeting (2)
|
03.31.2005
|
02.13.2006
|
Shares issued for cash
|
9,008
|
Board of Directors´ Meeting (1)
|
06.30.2005
|
02.13.2006
|
Shares issued for cash
|
9,885
|
Board of Directors´ Meeting (2)
|
06.30.2005
|
02.13.2006
|
Shares issued for cash
|
2,738
|
Board of Directors´ Meeting (1)
|
09.30.2005
|
02.13.2006
|
Shares issued for cash
|
8,443
|
Board of Directors´ Meeting (2)
|
09.30.2005
|
02.13.2006
|
Shares issued for cash
|
354
|
Board of Directors´ Meeting (2)
|
03.31.2006
|
12.05.2006
|
Shares issued for cash
|
13,009
|
Board of Directors´ Meeting (1)
|
03.31.2006
|
12.05.2006
|
Shares issued for cash
|
2,490
|
Board of Directors´ Meeting (2)
|
03.31.2006
|
12.05.2006
|
Shares issued for cash
|
40,215
|
Board of Directors´ Meeting (1)
|
06.30.2006
|
12.05.2006
|
Shares issued for cash
|
10,933
|
Board of Directors´ Meeting (2)
|
06.30.2006
|
12.05.2006
|
Shares issued for cash
|
734
|
Board of Directors´ Meeting (1)
|
09.30.2006
|
11.29.2006
|
Shares issued for cash
|
1,372
|
Board of Directors´ Meeting (2)
|
09.30.2006
|
11.29.2006
|
Shares issued for cash
|
5,180
|
Board of Directors´ Meeting (1)
|
12.31.2006
|
02.28.2007
|
Shares issued for cash
|
6,008
|
Board of Directors´ Meeting (2)
|
12.31.2006
|
02.28.2007
|
Shares issued for cash
|
2,059
|
Board of Directors´ Meeting (1)
|
03.31.2007
|
06.26.2007
|
Shares issued for cash
|
2,756
|
Board of Directors´ Meeting (2)
|
03.31.2007
|
06.26.2007
|
Shares issued for cash
|
8,668
|
Board of Directors´ Meeting (1)
|
06.30.2007
|
10.01.2007
|
Shares issued for cash
|
2,744
|
Board of Directors´ Meeting (2)
|
06.30.2007
|
10.01.2007
|
Shares issued for cash
|
33,109
|
Board of Directors´ Meeting (1)
|
09.30.2007
|
11.30.2007
|
Shares issued for cash
|
53,702
|
Board of Directors´ Meeting (2)
|
09.30.2007
|
11.30.2007
|
Shares issued for cash
|
1,473
|
Board of Directors´ Meeting (1)
|
12.31.2007
|
03.12.2008
|
Shares issued for cash
|
25,423
|
Board of Directors´ Meeting (2)
|
12.31.2007
|
03.12.2008
|
578,676
|
|
(1)
|
Conversion of negotiable obligations.
|
|
(2)
|
Exercise of options.
|
i)
|
In accordance with the Argentine Commercial Corporations Law and the Company's By-laws, 5% of the net and realized profit for the year, calculated in accordance with Argentine GAAP plus (less) prior year adjustments must be appropriated, once accumulated losses are absorbed, by resolution of the shareholders to a legal reserve until such reserve equals 20% of the Company's outstanding capital. This legal reserve may be used only to absorb losses.
|
ii)
|
See Note 17.
|
iii)
|
See Note 1.5 w.
|
Items
|
Balances
at the
beginning of year
|
Changes
for the
period
|
Balances
at
period-end
|
|||||||||
Deferred assets and liabilities
|
||||||||||||
Cash and Banks
|
(2,747 | ) | (153 | ) | (2,900 | ) | ||||||
Investments
|
48,538 | 2,240 | 50,778 | |||||||||
Accounts receivable, net
|
88 | (140 | ) | (52 | ) | |||||||
Other receivables
|
(397 | ) | 407 | 10 | ||||||||
Inventories
|
(18,979 | ) | 10,211 | (8,768 | ) | |||||||
Fixed assets, net
|
(97,112 | ) | (6,845 | ) | (103,957 | ) | ||||||
Tax loss carryfowards
|
32,143 | 24,299 | 56,442 | |||||||||
Short and long-term debt
|
(3,973 | ) | 278 | (3,695 | ) | |||||||
Salaries and social security payable
|
684 | 3,472 | 4,156 | |||||||||
Other liabilities
|
499 | 1,628 | 2,127 | |||||||||
Total net deferred liabilities
|
(41,256 | ) | 35,397 | (5,859 | ) |
NOTE 15:
|
(Continued)
|
Year of generation
|
Amount
|
Statute of Limitation
|
||||||
2011
|
48,966 | 2016 | ||||||
2012
|
112,297 | 2017 | ||||||
Tax loss carryforwards
|
161,263 |
Items
|
12.31.11 | 12.31.10 | ||||||
Pretax income
|
97,655 | 160,456 | ||||||
Statutory income tax rate
|
35 | % | 35 | % | ||||
Income tax expense at statutory tax rate on pretax income
|
34,179 | 56,160 | ||||||
Permanent differences at tax rate:
|
||||||||
- Restatement into constant currency
|
1,256 | 614 | ||||||
- Amortization of intangible assets
|
(3,153 | ) | 1,442 | |||||
- Results on equity investees
|
(63,768 | ) | (66,524 | ) | ||||
- Donations
|
718 | 1,276 | ||||||
- Other
|
(4,629 | ) | (3,070 | ) | ||||
- Total income tax charge
|
(35,397 | ) | (10,102 | ) |
Year of generation
|
Amount
|
Statute of Limitation
|
||||||
2003
|
259 | 2013 | ||||||
2004
|
69 | 2014 | ||||||
2005
|
2,362 | 2015 | ||||||
2006
|
7,697 | 2016 | ||||||
2008
|
1,609 | 2018 | ||||||
2009
|
6,604 | 2019 | ||||||
2010
|
13,659 | 2020 | ||||||
2011
|
22,101 | 2021 | ||||||
2012 Provision
|
10,720 | 2022 |
12.31.11 | 12.31.10 | |||||||
Total income tax expense
|
(35,397 | ) | (10,102 | ) | ||||
Less temporary differences:
|
||||||||
Additions
|
||||||||
Cash and Banks
|
(153 | ) | - | |||||
Investments
|
2,240 | - | ||||||
Fixed assets, net
|
(6,845 | ) | - | |||||
Salaries and social security payable
|
3,472 | 223 | ||||||
Tax loss carryfowards
|
24,299 | 13,737 | ||||||
Short and long-term debt
|
- | (2,209 | ) | |||||
Other liabilities
|
1,628 | - | ||||||
Inventories
|
- | (9,750 | ) | |||||
Reversals
|
||||||||
Cash and Banks
|
- | 201 | ||||||
Fixed assets, net
|
- | 8,742 | ||||||
Investments
|
- | (4,601 | ) | |||||
Other receivables
|
407 | 231 | ||||||
Accounts receivable, net
|
(140 | ) | (328 | ) | ||||
Inventories
|
10,211 | - | ||||||
Short and long-term debts
|
278 | - | ||||||
Other liabilities
|
- | 844 | ||||||
Total temporary differences
|
35,397 | 7,090 | ||||||
Less: Difference between tax return and tax provision
|
- | 3,012 | ||||||
Total income tax
|
- | - |
Item
|
Up to 12 months
|
From 1 to 2 years
|
From 2 to 3 years
|
Over 3 years
|
Total
|
|||||||||||||||
Amount in million
|
13.6 | 13.7 | 13.5 | 99.4 | 140.2 |
|
NOTE 16:ACQUISITIONS, SALE, CONSTITUTIONS AND REORGANIZATIONS OF BUSINESS AND REAL STATE ASSETS
|
|
1.
|
Sales of Buildings
|
|
2.
|
Option to acquire an interest in Alto Palermo S.A. (APSA)
|
NOTE 16:
|
(Continued)
|
|
2.
|
(Continued)
|
|
3.
|
Sale of ownership interest in Pereiraola S.A.I.C.I.F. y A. (Pereiraola)
|
|
4.
|
Torodur S.A.
|
NOTE 16:
|
(Continued)
|
|
5.
|
Sale of Torres Jardín IV
|
|
6.
|
Acquisition of shares in Banco Hipotecario S.A. (BHSA)
|
|
7.
|
Acquisition of Unicity S.A.
|
|
8.
|
Acquisition of shares in TGLT S.A.
|
NOTE 16:
|
(Continued)
|
NOTE 16:
|
(Continued)
|
12.
|
Efanur S.A.
|
NOTE 17:
|
ISSUANCE OF NOTES PROGRAM FOR AN AMOUNT UP TO US$ 450 MILLION
|
NOTE 18:
|
OTHER RELEVANT FACTS
|
|
1.
|
Purchase and sale of APSA’s Notes
|
|
2.
|
Agreement entered into with Cresud over an assignment of rights to APSA shares
|
|
3.
|
Ordinary and Extraordinary Shareholders’ meeting as of October 31, 2011
|
·
|
Payment of a dividend exclusively in cash, for Ps. 211,575.
|
·
|
The fees of the Board of Directors for Ps. 23,443.
|
·
|
Allocation of up to 1% of the Company’s equity to the purchase of treasury stocks, with the purpose of implementing the long-term incentive program (See Note 23).
|
·
|
Delegation on the Board of Directors the power to create a Global Issuance Program of simple Corporate Notes, non-convertible into shares, for a maximum outstanding amount of US$ 300 million at any time. (See Note 24.1.)
|
·
|
Renewal of the delegation on the Board of Directors of the power to create the Program for the issuance of VCP as simple corporate notes, non-convertible into shares, for a maximum outstanding amount of US$ 50 million at any time.
|
NOTE 18:
|
(Continued)
|
4.
|
Negative working capital
|
1.
|
The Company has a pledge on Cyrsa S.A.’s shares, as collateral for the latter’s obligation to transfer the units to be built in the premises located in Av. del Libertador 1755, for the balance of the purchase price.
|
2.
|
The Company carries a mortgage on the property designated as “Edificio República” in connection with the loan granted by Banco Macro for the acquisition of said property.
|
NOTE 20:
|
COMPLIANCE WITH CURRENTLY APPLICABLE ENVIRONMENTAL RULES AND REGULATIONS
|
NOTE 21:
|
TRANSACTIONS PENDING SOLUTIONS BY THE ARGENTINE ANTITRUST COMMISSION
|
NOTE 22:
|
FINANCIAL DERIVATES
|
Futures
|
Bank
|
Amount
U$S
|
Due date
|
Loss
|
||||||
Transactions to be liquidate
|
||||||||||
Purchase of dollars
|
Banco Itau Argentina S.A.
|
2,500 |
02/29/12
|
(47 | ) | |||||
Purchase of dollars
|
Standard Bank Argentina S.A.
|
3,000 |
04/30/12
|
(297 | ) | |||||
Purchase of dollars
|
Banco Itau Argentina S.A.
|
2,000 |
04/30/12
|
(162 | ) | |||||
Purchase of dollars
|
Banco Itau Argentina S.A.
|
3,000 |
04/30/12
|
(370 | ) | |||||
Loss on derivative financial instruments
|
(876 | ) |
NOTE 23:
|
LONG-TERM INCENTIVE PROGRAM
|
NOTE 23:
|
(Continued)
|
·
|
if the employee resigns or leaves the Company unexpectedly, he/she will be entitled to the benefit only if 5 years have passed since each contribution was made
|
·
|
retirement
|
·
|
total or permanent disability
|
·
|
Death
|
NOTE 24:
|
SUBSEQUENT EVENTS
|
1.
|
Corporate Notes Global Issuing Program for an amount up to US$ 300 million
|
·
|
Class III Corporate Notes at Badlar rate plus 249 basis points for a face value of Ps. 153.1 million, to be matured 18 months after the issuing date and to be amortized in 3 consecutive payments within 12, 15 and 18 months.
|
·
|
Class IV Corporate Notes at a fixed rate of 7.45% for a face value of US$ 33.8 million (equivalent to Ps. 146.9 million), to be matured 24 months after the issuing date, to be subscribed and paid in Argentine Pesos at the applicable exchange rate, to be matured 24 months after the issuing date and to be amortized in 4 equal and consecutive payments within 15, 18, 21 and 24 months.
|
Items
|
Value as of
beginning of year
|
Additions
and transfers
|
Deductions and
transfers
|
Value as of
end of period/year
|
Depreciation
|
Allowances for impairment (2)
|
Net carrying value as of December 31, 2011
|
Net
carrying value
as of June 30, 2011
|
|||
Accumulated as of beginning of year
|
For the period/year
|
Accumulated as of end of the period/year
|
|||||||||
Increases, decreases and transfers
|
Amount
(1)
|
||||||||||
Furniture and fixtures
|
2,904
|
6
|
-
|
2,910
|
2,565
|
-
|
20
|
2,585
|
-
|
325
|
339
|
Machinery, equipment and computer equipment
|
11,125
|
274
|
-
|
11,399
|
10,188
|
-
|
229
|
10,417
|
-
|
982
|
937
|
Leasehold improvements
|
8,180
|
-
|
510
|
8,690
|
8,129
|
-
|
49
|
8,178
|
-
|
512
|
51
|
Vehicles
|
221
|
-
|
-
|
221
|
221
|
-
|
-
|
221
|
-
|
-
|
-
|
Work in progress
|
2,299
|
879
|
(258)
|
2,920
|
-
|
-
|
-
|
-
|
-
|
2,920
|
2,299
|
Advances for fixed assets
|
1,645
|
827
|
(854)
|
1,618
|
-
|
-
|
-
|
-
|
-
|
1,618
|
1,645
|
Subtotal other fixed assets
|
26,374
|
1,986
|
(602)
|
27,758
|
21,103
|
-
|
298
|
21,401
|
-
|
6,357
|
5,271
|
Properties:
|
|||||||||||
Avda. de Mayo 595
|
7,339
|
-
|
-
|
7,339
|
3,084
|
-
|
117
|
3,201
|
-
|
4,138
|
4,255
|
Bouchard 551
|
160,657
|
-
|
-
|
160,657
|
12,415
|
-
|
1,164
|
13,579
|
-
|
147,078
|
148,242
|
Bouchard 710
|
72,499
|
-
|
-
|
72,499
|
8,222
|
-
|
513
|
8,735
|
-
|
63,764
|
64,277
|
Constitución 1111
|
1,338
|
-
|
-
|
1,338
|
484
|
-
|
21
|
505
|
-
|
833
|
854
|
Constitución 1159
|
8,762
|
-
|
-
|
8,762
|
-
|
-
|
-
|
-
|
(2,375)
|
6,387
|
6,387
|
Costeros Dique IV
|
23,337
|
-
|
-
|
23,337
|
4,814
|
-
|
294
|
5,108
|
-
|
18,229
|
18,523
|
Plot of land Catalinas Norte
|
102,666
|
5,930
|
206
|
108,802
|
-
|
-
|
-
|
-
|
-
|
108,802
|
102,666
|
Libertador 498 (5)
|
17,362
|
-
|
(2,891)
|
14,471
|
5,338
|
(895)
|
209
|
4,652
|
-
|
9,819
|
12,024
|
Madero 1020
|
363
|
-
|
-
|
363
|
166
|
-
|
10
|
176
|
-
|
187
|
197
|
Maipú 1300
|
52,716
|
-
|
-
|
52,716
|
15,812
|
-
|
691
|
16,503
|
-
|
36,213
|
36,904
|
Rivadavia 2768
|
334
|
-
|
-
|
334
|
143
|
-
|
13
|
156
|
-
|
178
|
191
|
Sarmiento 517
|
485
|
-
|
-
|
485
|
109
|
-
|
9
|
118
|
(130)
|
237
|
244
|
Suipacha 652
|
17,010
|
-
|
-
|
17,010
|
6,526
|
-
|
226
|
6,752
|
-
|
10,258
|
10,484
|
Torre BankBoston (3)
|
169,078
|
-
|
-
|
169,078
|
11,099
|
-
|
1,453
|
12,552
|
-
|
156,526
|
157,979
|
Museo Renault (4) (5)
|
8,503
|
-
|
(5,163)
|
3,340
|
860
|
(587)
|
115
|
388
|
-
|
2,952
|
7,643
|
Edificio República
|
230,757
|
-
|
-
|
230,757
|
15,222
|
-
|
2,374
|
17,596
|
-
|
213,161
|
215,535
|
Dique IV
|
67,093
|
-
|
-
|
67,093
|
4,875
|
-
|
1,126
|
6,001
|
-
|
61,092
|
62,218
|
Alto Palermo Park
|
622
|
-
|
-
|
622
|
80
|
-
|
2
|
82
|
-
|
540
|
542
|
Intercontinental
|
113,969
|
404
|
396
|
114,769
|
35,575
|
-
|
2,031
|
37,606
|
-
|
77,163
|
78,394
|
Thames (5)
|
8,955
|
-
|
(8,955)
|
-
|
5,058
|
(5,058)
|
-
|
-
|
-
|
-
|
3,897
|
Casona Abril
|
3,412
|
-
|
-
|
3,412
|
887
|
-
|
101
|
988
|
-
|
2,424
|
2,525
|
Subtotal properties
|
1,067,257
|
6,334
|
(16,407)
|
1,057,184
|
130,769
|
(6,540)
|
10,469
|
134,698
|
(2,505)
|
919,981
|
933,981
|
Total as of December 31, 2011
|
1,093,631
|
8,320
|
(17,009)
|
1,084,942
|
151,872
|
(6,540)
|
10,767
|
156,099
|
(2,505)
|
926,338
|
-
|
Total as of June 30, 2011
|
1,092,847
|
5,012
|
(4,228)
|
1,093,631
|
131,276
|
(986)
|
21,582
|
151,872
|
(2,507)
|
-
|
939,252
|
(1)
|
The accounting application of the depreciation for the period is set forth in Exhibit H.
|
(2)
|
Disclosed net of depreciation for the period amounting to Ps. 2 (Exhibit H)
|
(3)
|
Includes Ps. 5,377 and Ps. 5,481 as of December 31, and June 30, 2011, respectively, related to goodwill generated in the purchase price allocation (See Note1.5.I.)
|
(4)
|
Includes Ps.1,127 and Ps. 3,113 as of December 31, and June 30, 2011, respectively, related to goodwill generated in the purchase price allocation (See Note1.5.I.).
|
(5)
|
See Note16.1.
|
Original Value
|
Amortization
|
|||||||||||||||||||||||||||||||||||||||
Value as of beginning of year
|
Additions and
transfers
|
Deductions and
transfers
|
Value as of period / year-end
|
Accumulated as of beginning of year
|
For the period / year
|
Accumulated as of end of the period / year-end
|
||||||||||||||||||||||||||||||||||
Additions and deductions and transfers
|
Amount (1)
|
Net carrying value as of December 31,2011
|
Net carrying value as of June 30, 2011
|
|||||||||||||||||||||||||||||||||||||
Project development expenses
|
294 | - | - | 294 | 253 | - | - | 253 | 41 | 41 | ||||||||||||||||||||||||||||||
Total as of December 31,2011
|
294 | - | - | 294 | 253 | - | - | 253 | 41 | |||||||||||||||||||||||||||||||
Total as of June 30, 2011
|
7,841 | - | - | 7,841 | 7,120 | - | 680 | 7,800 | 41 |
(1)
|
Amortizations are disclosed in Exhibit H.
|
Issuer’s information (1)
|
(1) Interest in capital stock
|
|||||||||||||||||||||||
Last financial statement
|
||||||||||||||||||||||||
Issuer and types of securities |
Currency
|
P.V.
|
Amount
|
Book value at December 31, 2011
|
Book value at June 30, 2011
|
Main activity | Legal address |
Date
|
Capital stock (par value)
|
Income – (loss) for the period
|
Shareholder’ equity
|
|||||||||||||
Current investments
|
||||||||||||||||||||||||
Boden 2012 (Exhibit G) (2)
|
US$
|
0.001 | 600 | 1 | 2 | |||||||||||||||||||
Boden 2013 (Exhibit G) (2)
|
US$
|
0.001 | 5,150 | 12 | 10 | |||||||||||||||||||
Mortgage bonds (2)
|
$ | - | - | - | - | |||||||||||||||||||
Total as of December 31, 2011
|
13 | |||||||||||||||||||||||
Total as of June 30, 2011
|
12 |
(1)
|
Not informed because the equity interest is less than 5%.
|
(2)
|
Not considered as cash for statement of cash flows purposes.
|
Issuer's Information | |||||||||||||||||||||||||||||||||||||||
Last Financial Statement | |||||||||||||||||||||||||||||||||||||||
Issuer and types
of securities
|
Class
|
P.V.
|
Amount
|
Book value at December 31, 2011
|
Book value at June 30, 2011
|
Main activity
|
Legal address
|
Date
|
Capital stock (par value) | Income – (loss) for the period |
Shareholders’ equity
|
Interest in capital stock | |||||||||||||||||||||||||||
Palermo Invest S.A.
|
Common 1 vote
|
0.001 | 152,649,263 | 172,329 | 163,756 |
Investment
|
Bolívar 108 floor 1, Buenos Aires
|
12.31.11 | 152,649 | 8,573 | 172,379 | 100.00 | % | ||||||||||||||||||||||||||
Irrevoc. Contrib.
|
50 | - | |||||||||||||||||||||||||||||||||||||
Higher Inv. Value
|
5,147 | 5,147 | |||||||||||||||||||||||||||||||||||||
Purchase expenses
|
330 | 332 | |||||||||||||||||||||||||||||||||||||
Eliminations
|
(29,035 | ) | (29,987 | ) | |||||||||||||||||||||||||||||||||||
Hoteles Argentinos S.A.
|
Common 1 vote
|
0.001 | 15,366,841 | 19,799 | 19,041 |
Hotel operations
|
Av. Córdoba 680, Buenos Aires
|
12.31.11 | 19,209 | 947 | 24,749 | 80.00 | % | ||||||||||||||||||||||||||
Higher Inv. Value
|
1,095 | 1,161 | |||||||||||||||||||||||||||||||||||||
Purchase expenses
|
27 | 28 | |||||||||||||||||||||||||||||||||||||
Alto Palermo S.A. (1)
|
Common 1 vote
|
0.001 | 120,407,124 | 928,835 | 866,968 |
Real estate investments
|
Moreno 877 floor 22, Buenos Aires
|
12.31.11 | 125,989 | 160,258 | 955,883 | 94.87 | % | ||||||||||||||||||||||||||
Goodwill
|
(362,038 | ) | (341,735 | ) | |||||||||||||||||||||||||||||||||||
Higher Inv. Value
|
509,202 | 488,094 | |||||||||||||||||||||||||||||||||||||
Eliminations
|
(3,902 | ) | (4,314 | ) | |||||||||||||||||||||||||||||||||||
Llao Llao Resorts S.A.
|
Common 1 vote
|
0.001 | 73,580,206 | 44,067 | 52,144 |
Hotel operations
|
Florida 537 floor 18, Buenos Aires
|
12.31.11 | 147,160 | (16,154 | ) | 88,135 | 50.00 | % | |||||||||||||||||||||||||
Purchase expenses
|
131 | 138 | |||||||||||||||||||||||||||||||||||||
Issuer's Information | |||||||||||||||||||||||||||||||||||||||
Last Financial Statement | |||||||||||||||||||||||||||||||||||||||
Issuer and types
of securities
|
Class |
P.V.
|
Amount
|
Book value at December 31, 2011
|
Book value at June 30, 2011
|
Main activity
|
Legal address
|
Date
|
Capital stock (par value) | Income – (loss) for the period |
Shareholders’ equity
|
Interest in capital stock | |||||||||||||||||||||||||||
Banco de Crédito & Securitización S.A.
|
Common 1 vote.
|
0.001 | 3,187,500 | 6,633 | 6,117 |
Banking
|
Tte Gral Perón 655, Buenos Aires
|
12.31. 11 | 62,500 | 8,063 | 129,839 | 5.10 | % | ||||||||||||||||||||||||||
Ritelco S.A.
|
Common 1 vote
|
0.001 | 181,016,717 | 243,759 | 242,106 |
Investment
|
Zabala 1422, Montevideo
|
12.31. 11 | 66,970 | 1,653 | 271,099 | 100.00 | % | ||||||||||||||||||||||||||
Irrevoc. Contrib.
|
27,340 | 27,340 |
Uruguay
|
||||||||||||||||||||||||||||||||||||
Eliminations
|
(183 | ) | (190 | ) | |||||||||||||||||||||||||||||||||||
Banco Hipotecario S.A. (2)
|
Common 1 vote
|
0.001 | 75,000,000 | 167,406 | 158,397 |
Banking
|
Reconquista 151 floor 1
|
12.31. 11 | 1,500,000 | 251,517 | 3,212,375 | 5.00 | % | ||||||||||||||||||||||||||
Goodwill
|
(1,713 | ) | (1,784 | ) |
Buenos Aires
|
||||||||||||||||||||||||||||||||||
Higher Inv. Value
|
9 | 11 | |||||||||||||||||||||||||||||||||||||
Canteras Natal Crespo S.A.
|
Common 1 vote
|
0.001 | 2,516,565 | 310 | 732 |
Extraction and
|
Caseros 85, Office 33
|
12.31. 11 | 5,033 | (844 | ) | 2,034 | 50.00 | % | |||||||||||||||||||||||||
Higher Inv. Value
|
4,842 | 4,842 |
sale of arids
|
Córdoba
|
|||||||||||||||||||||||||||||||||||
Irrevoc. Contrib.
|
707 | 435 | |||||||||||||||||||||||||||||||||||||
Purchase expenses
|
319 | 319 | |||||||||||||||||||||||||||||||||||||
Inversora Bolívar S.A.
|
Common 1 vote
|
0.001 | 78,158,492 | 227,607 | 219,746 |
Acquisition, building
|
Bolívar 108 floor 1, Buenos Aires
|
12.31. 11 | 82,159 | 8,264 | 239,356 | 95.13 | % | ||||||||||||||||||||||||||
Irrevoc. Contrib.
|
95 | - | |||||||||||||||||||||||||||||||||||||
Quality Invest S.A. (7)
|
Common 1 vote
|
0.001 | 22,059,679 | 20,089 | (18 | ) |
Real estate investments
|
Bolívar 108 floor 1, Buenos Aires
|
12.31. 11 | 44,119 | (3,368 | ) | 40,179 | 50.00 | % | ||||||||||||||||||||||||
Irrevoc. Contrib.
|
- | 21,792 | |||||||||||||||||||||||||||||||||||||
E-Commerce Latina S.A.
|
Common 1 vote
|
0,001 | 82,193,821 | 193,723 | 184,496 |
Direct or indirect interest
|
Florida 537 floor 18, Buenos Aires
|
12.31. 11 | 82,194 | 9,227 | 193,723 | 100.00 | % | ||||||||||||||||||||||||||
in companies related to communication but not limited
|
Buenos Aires
|
||||||||||||||||||||||||||||||||||||||
CYRSA S.A. (4)
|
Common 1 vote
|
0.001 | 119,608,531 | 127,442 | 127,644 |
Real estate investments
|
Bolívar 108, floor 1, Buenos Aires°
|
12.31. 11 | 239,217 | (405 | ) | 254,884 | 50.00 | % | |||||||||||||||||||||||||
Purchase expenses
|
1 | 1 |
Issuer's Information | |||||||||||||||||||||||||||||||||||||||
Last Financial Statement | |||||||||||||||||||||||||||||||||||||||
Issuer and types
of securities
|
Class
|
P.V.
|
Amount | Book value at December 31, 2011 |
Book value at June 30, 2011
|
Main activity
|
Legal address
|
Date | Capital stock (par value | Income – (loss) for the period |
Shareholders’ equity
|
Interest in capital stock | |||||||||||||||||||||||||||
Solares de Santa María S.A.
|
Common 1 vote
|
0.001 | 297,454,165 | 296,418 | 296,590 |
Real estate investments
|
Bolívar 108, floor 1°
|
12.31.11 | 328,946 | (190 | ) | 328,976 | 90.43 | % | |||||||||||||||||||||||||
Eliminations
|
(166,521 | ) | (166,521 | ) |
Buenos Aires
|
||||||||||||||||||||||||||||||||||
Irrevoc. Contrib.
|
1,085 | - | |||||||||||||||||||||||||||||||||||||
Manibil S.A.
|
Common 1 vote
|
0.001 | 23,897,880 | 28,519 | 27,671 |
Real estate investment and building
|
Av. Del Libertador 498 floor 10 Office 6
|
12.31.11 | 48,772 | 1,730 | 58,203 | 49.00 | % | ||||||||||||||||||||||||||
Goodwill
|
10 | 10 |
Buenos Aires
|
||||||||||||||||||||||||||||||||||||
Tyrus S.A.
|
Common 1 vote
|
0.001 | 2,000,000,000 | 427,351 | 420,244 |
Investment
|
Colonia 810/403
|
12.31.11 | 457,690 | (12,954 | ) | 591,989 | 100.00 | % | |||||||||||||||||||||||||
Irrevoc. Contrib.
|
164,639 | 164,639 |
Montevideo, Uruguay
|
||||||||||||||||||||||||||||||||||||
Goodwill
|
(46 | ) | (46 | ) | |||||||||||||||||||||||||||||||||||
Purchase expenses
|
21 | 21 | |||||||||||||||||||||||||||||||||||||
Unicity S.A. (6)
|
Common 1 vote
|
0.001 | 36,036,001 | 27,680 | 27,749 |
Investments
|
Bolívar 108, floor 1
|
12.31.11 | 40,670 | (77 | ) | 31,483 | 88.61 | % | |||||||||||||||||||||||||
Irrevoc. Contrib.
|
221 | - |
Buenos Aires
|
||||||||||||||||||||||||||||||||||||
Nuevas Fronteras
|
Common 1 vote
|
0.001 | 57,256,512 | 71,106 | 66,767 |
Hotel operations
|
Moreno 809 floor 2 Buenos Aires
|
12.31.11 | 75,004 | 5,684 | 93,148 | 76.34 | % | ||||||||||||||||||||||||||
Minor Inv. value
|
(18,555 | ) | (19,045 | ) | |||||||||||||||||||||||||||||||||||
Advances for share purchases (5)
|
272 | 259 | |||||||||||||||||||||||||||||||||||||
Total non-current investments as of 12/31/11
|
3,136,623 | ||||||||||||||||||||||||||||||||||||||
Total non-current investments as of 06/30/11
|
3,031,097 |
(1)
|
Quotation price of APSA´s shares at December 31, 2011 Ps. 17,9. Quotation price of APSA´s shares at June 30, 2011 Ps. 23.5. (See Note 18.2. and 16.2.).
|
(2)
|
Quotation price of Banco Hipotecario´s shares at December 31, 2011 Ps. 1.48. Quotation price of Banco Hipotecario´s shares at June 30, 2011 Ps. 2.36. (See Note16.6.)
|
(3)
|
The amounts pertain to the financial statements of Banco Hipotecario S.A. and of Banco de Crédito & Securitización S.A. were prepared in accordance with the Argentine Central Bank requirements. For the purpose of valuating the Company´s investment, the necessary adjustments were considered in order to adjust the financial statements to generally accepted accounting principles in Argentina.
|
(4)
|
See Note22 A.1. to the Unaudited Consolidated Financial Statement
|
(5)
|
See Note16.10. and Exhibit G.
|
(6)
|
See Note16.7.
|
(7)
|
See Note16.9.
|
Items
|
Value as of December 31, 2011
|
Value as of June 30, 2011
|
||||||
Others Current Investments
|
||||||||
Mutual funds (Exhibit G)
|
12,189 | 20,056 | ||||||
Stock Shares, in foreign currency (Exhibit G)
|
17,107 | 2,892 | ||||||
Note APSA 2012 – Accrued interest (Note 12.a.) (1)
|
39 | 77 | ||||||
APSA Note 2012 (Note 12.a.) (1)
|
6,645 | 13,290 | ||||||
Convertible Notes APSA 2014 – Accrued interest (Note 12.a. and Exhibit G) (1)
|
6,175 | 5,861 | ||||||
Total current investments as of December 31, 2011
|
42,155 | - | ||||||
Total current investments as of June 30, 2011
|
- | 42,176 | ||||||
Other Non-current Investments
|
||||||||
Pilar
|
3,408 | 3,408 | ||||||
Isla Sirgadero, Plot of land
|
2,895 | 2,895 | ||||||
San Luis, Plot of land
|
1,584 | 1,584 | ||||||
Intercontinental Plaza
|
1,564 | 1,564 | ||||||
Puerto Retiro
|
1,286 | 1,286 | ||||||
Pontevedra, Plot of land
|
918 | 918 | ||||||
Mariano Acosta, Plot of land
|
804 | 804 | ||||||
Merlo, Plot of land
|
639 | 639 | ||||||
Subtotal undeveloped parcels of land
|
13,098 | 13,098 | ||||||
Convertible Notes APSA 2014 (Note 12.a. and Exhibit G) (1)
|
136,601 | 130,444 | ||||||
Hersha Hospitality Trust
|
8,982 | 8,169 | ||||||
TGLT S.A. (Note 16.8)
|
86 | 86 | ||||||
Other investments
|
339 | 344 | ||||||
Subtotal other investments
|
146,008 | 139,043 | ||||||
Total Other non-current Investments as of December 31, 2011
|
159,106 | - | ||||||
Total Other non-current Investments as of June 30, 2011
|
- | 152,141 |
(1)
|
See Note 23 A.1. and 23 A.2. to the Unaudited Consolidated Financial Statements and Note 18.1 to the Unaudited Basic Financial Statements.
|
Items
|
Balances as of beginning of year
|
Additions
|
Deductions
|
Carrying value as of
December 31, 2011
|
Carrying values as of June 30, 2011
|
|||||||||||||||
Deducted from assets:
|
||||||||||||||||||||
Allowance for doubtful accounts (1)
|
9,822 | 208 | (192 | ) | 9,838 | 9,822 | ||||||||||||||
Allowance for impairment of fixed assets (2)
|
2,507 | - | (2 | ) | 2,505 | 2,507 | ||||||||||||||
Total as of December 31, 2011
|
12,329 | 208 | (194 | ) | 12,343 | |||||||||||||||
Total as of June 30, 2011
|
13,631 | 5,741 | (7,043 | ) | 12,329 | |||||||||||||||
Deducted from liabilities:
|
||||||||||||||||||||
Provision for contingencies (3)
|
1,082 | 4,563 | (134 | ) | 5,511 | 1,082 | ||||||||||||||
Total as of December 31, 2011
|
1,082 | 4,563 | (134 | ) | 5,511 | |||||||||||||||
Total as of June 30, 2011
|
631 | 488 | (37 | ) | 1,082 |
(1)
|
Increases and decreases are disclosed in Exhibit H and not includes Ps. 151 corresponding to releases.
|
(2)
|
The decreases are related to amortization, disclosed in Exhibit H.
|
(3)
|
Variation is disclosed in Note 11, net.
|
Items
|
Total as of
December 31, 2011
|
Total as of
December 31, 2010
|
||||||
I. Cost of sales
|
||||||||
Stock as of beginning of year
|
73,664 | 91,589 | ||||||
Plus:
|
||||||||
Purchases for the period
|
444 | 10 | ||||||
Expenses (Exhibit H)
|
1,298 | 1,807 | ||||||
Reversal of Cyrsa
|
- | (13,444 | ) | |||||
Caballito plot of land barter (TGLT) (2)
|
206 | - | ||||||
Transfer of Museo Renault
|
4,576 | - | ||||||
Transfer from undeveloped parcels of land
|
- | 3,030 | ||||||
Transfer from fixed assets, net - Libertador 498 (1)
|
1,996 | - | ||||||
Transfer from fixed assets, net - Thames (1)
|
3,897 | - | ||||||
Gain from recognition of inventories at net realizable value
|
25,031 | 12,192 | ||||||
Less:
|
||||||||
Stock as of period-end
|
(89,951 | ) | (67,644 | ) | ||||
Cost of properties sold
|
21,161 | 27,540 | ||||||
II. Cost of leases and services
|
||||||||
Expenses (Exhibit H)
|
15,363 | 14,438 | ||||||
Cost of leases and services
|
15,363 | 14,438 | ||||||
Total costs of sales, leases and services
|
36,524 | 41,978 |
(1)
|
See Note 16.1.
|
(2)
|
See Note 16.11.
|
A.
|
Items
|
Currency
|
Amount of foreign currency
|
Current exchange rate(1)
|
Total as of December 31, 2011
|
Total as of
June 30, 2011
|
||||||||||||
Assets
|
|||||||||||||||||
Current assets
|
|||||||||||||||||
Cash and Banks
|
|||||||||||||||||
Cash on hand
|
US$
|
2 | 4.264 | 8 | 60 | ||||||||||||
Cash on hand
|
Euros
|
3 | 5.534 | 17 | 18 | ||||||||||||
Cash on hand
|
Pounds
|
1 | 6.627 | 7 | 7 | ||||||||||||
Cash on hand
|
Real
|
1 | 2.29 | 2 | 2 | ||||||||||||
Banks accounts
|
US$
|
3,746 | 4.264 | 15,973 | 25,507 | ||||||||||||
Banks accounts
|
Euros
|
279 | 5.534 | 1,544 | 91 | ||||||||||||
Investments
|
|||||||||||||||||
Boden 2012
|
US$
|
- | 4.264 | 1 | 2 | ||||||||||||
Boden 2013
|
US$
|
2 | 4.264 | 12 | 10 | ||||||||||||
Mutual funds
|
US$
|
2,841 | 4.264 | 12,114 | 20,056 | ||||||||||||
Accrued interest Convertible Notes APSA 2014
|
US$
|
1,435 | 4.304 | 6,175 | 5,861 | ||||||||||||
Stock shares
|
Euros
|
2,134 | 5.534 | 11,807 | 2,892 | ||||||||||||
Stock shares
|
US$
|
1,243 | 4.264 | 5,300 | - | ||||||||||||
Accounts receivable, net
|
|||||||||||||||||
Trade receivables, leases receivables and services
|
US$
|
5,925 | 4.264 | 25,264 | 26,766 | ||||||||||||
Related parties
|
US$
|
449 | 4.304 | 1,932 | 2,464 | ||||||||||||
Other receivables
|
|||||||||||||||||
Related parties
|
US$
|
998 | 4.304 | 4,295 | 46,178 | ||||||||||||
Guarantee deposits
|
US$
|
472 | 4.264 | 2,014 | - | ||||||||||||
Others
|
US$
|
336 | 4.264 | 1,433 | 1,111 | ||||||||||||
Total current assets
|
87,898 | 131,025 | |||||||||||||||
Non-current assets
|
|||||||||||||||||
Accounts receivable, net
|
|||||||||||||||||
Trade receivables, leases receivables and services
|
US$
|
68 | 4.264 | 290 | 1,885 | ||||||||||||
Other receivables
|
|||||||||||||||||
Related parties
|
US$
|
1 | 4.304 | 4 | - | ||||||||||||
Investments
|
|||||||||||||||||
Convertible Notes APSA 2014
|
US$
|
31,738 | 4.304 | 136,601 | 130,444 | ||||||||||||
Advance for share purchases (See Note16.10)
|
US$
|
64 | 4.264 | 272 | 259 | ||||||||||||
Total non-current assets
|
137,167 | 132,588 | |||||||||||||||
Total Assets as of December 31, 2011
|
225,065 | ||||||||||||||||
Total Assets as of June 30, 2011
|
263,613 | ||||||||||||||||
Liabilities
|
|||||||||||||||||
Current liabilities
|
|||||||||||||||||
Trade accounts payable
|
|||||||||||||||||
Trade accounts payable
|
US$
|
507 | 4.304 | 2,182 | 1,056 | ||||||||||||
Related parties
|
US$
|
930 | 4.304 | 4,004 | 2,475 | ||||||||||||
Customer advances
|
US$
|
62 | 4.304 | 267 | 2,140 | ||||||||||||
Short-term debts
|
US$
|
19,973 | 4.304 | 85,964 | 82,072 | ||||||||||||
Other liabilities
|
|||||||||||||||||
Related parties
|
US$
|
8,257 | 4.304 | 35,538 | 6,318 | ||||||||||||
Guarantee deposits
|
US$
|
594 | 4.304 | 2,557 | 2,082 | ||||||||||||
Total current liabilities
|
130,512 | 96,143 | |||||||||||||||
Non-current liabilities
|
|||||||||||||||||
Long-term debts
|
US$
|
303,737 | 4.304 | 1,307,282 | 1,247,884 | ||||||||||||
Other liabilities
|
|||||||||||||||||
Related parties
|
US$
|
11,723 | 4.304 | 50,456 | 55,124 | ||||||||||||
Guarantee deposits
|
US$
|
1,265 | 4.304 | 5,445 | 4,743 | ||||||||||||
Total non-current liabilities
|
1,363,183 | 1,307,751 | |||||||||||||||
Total Liabilities as of December 31, 2011
|
1,493,695 | ||||||||||||||||
Total Liabilities as of June 30, 2011
|
1,403,894 |
Items
|
Total as of
December 31, 2011
|
Cost of property leased
|
Cost of properties sold
|
Expenses
|
Cost of recovered expenses
|
Expenses
|
Total as of December 31, 2010
|
||
Administrative
|
Selling
|
Financing
|
|||||||
Interest
|
107,136
|
-
|
-
|
(8)
|
8
|
-
|
-
|
107,136
|
74,269
|
Depreciation and amortization
|
11,555
|
10,467
|
-
|
-
|
-
|
298
|
-
|
790
|
12,232
|
Salaries, bonuses and social security contributions
|
15,224
|
642
|
42
|
5,440
|
(5,440)
|
12,773
|
1,767
|
-
|
10,428
|
Fees and payments for services
|
4,069
|
40
|
216
|
1,046
|
(1,046)
|
3,570
|
243
|
-
|
2,942
|
Directors fees
|
9,755
|
-
|
-
|
-
|
-
|
9,755
|
-
|
-
|
14,666
|
Bank charges
|
3,329
|
-
|
-
|
-
|
-
|
3,329
|
-
|
-
|
348
|
Gross revenue tax
|
2,228
|
-
|
-
|
17
|
(17)
|
-
|
2,228
|
-
|
2,592
|
Maintenance of buildings
|
4,892
|
3,639
|
1,040
|
5,256
|
(5,256)
|
213
|
-
|
-
|
4,302
|
Commissions and property sales charges
|
1,691
|
-
|
-
|
1
|
(1)
|
-
|
1,691
|
-
|
1,228
|
Travel expenses
|
376
|
-
|
-
|
-
|
-
|
376
|
-
|
-
|
628
|
Lease expenses
|
279
|
-
|
-
|
3,444
|
(3,444)
|
279
|
-
|
-
|
227
|
Caja de Valores and Bolsa de Comercio
|
254
|
-
|
-
|
-
|
-
|
254
|
-
|
-
|
178
|
Advertising
|
1,288
|
-
|
-
|
-
|
-
|
-
|
1,288
|
-
|
1,120
|
Traveling, transportation and stationery
|
250
|
-
|
-
|
9
|
(9)
|
219
|
31
|
-
|
278
|
Subscriptions and publications
|
636
|
-
|
-
|
67
|
(67)
|
636
|
-
|
-
|
315
|
Utilities and postage
|
290
|
226
|
-
|
3,254
|
(3,254)
|
64
|
-
|
-
|
92
|
Doubtful accounts
|
360
|
-
|
-
|
-
|
-
|
-
|
360
|
-
|
4,231
|
Recovery of doubtful accounts
|
(193)
|
-
|
-
|
-
|
-
|
-
|
(193)
|
-
|
(2,046)
|
Taxes, rates and contributions
|
1,984
|
349
|
-
|
3,983
|
(3,983)
|
1,635
|
-
|
-
|
7,381
|
Other expenses of personnel administration
|
576
|
-
|
-
|
145
|
(145)
|
576
|
-
|
-
|
762
|
Insurances
|
34
|
-
|
-
|
397
|
(397)
|
34
|
-
|
-
|
76
|
Training
|
105
|
-
|
-
|
-
|
-
|
105
|
-
|
-
|
77
|
Surveillance
|
1
|
-
|
-
|
3,246
|
(3,246)
|
1
|
-
|
-
|
-
|
Notary expenses
|
63
|
-
|
-
|
-
|
-
|
63
|
-
|
-
|
45
|
Others
|
3,250
|
-
|
-
|
77
|
(77)
|
688
|
105
|
2,457
|
3,577
|
Recovery expenses
|
-
|
-
|
-
|
(26,374)
|
26,374
|
-
|
-
|
-
|
-
|
Total as of December 31, 2011
|
169,432
|
15,363
|
1,298
|
-
|
-
|
34,868
|
7,520
|
110,383
|
-
|
Total as of December 31, 2010
|
-
|
14,438
|
1,807
|
-
|
-
|
40,358
|
7,125
|
76,220
|
139,948
|
Without term
|
With maturity date
|
Total
|
Interest
|
|||||||||||||
Falling due
|
To due
|
Total with term
|
No accrued
|
Accrued
|
||||||||||||
Up to 3 months
|
From 3 to 6 months
|
From 6 to 9 months
|
From 9 to 12 months
|
From 1 to 2 years
|
From 2 to 3 years
|
From 3 to 4 years
|
From 4 years on
|
Total to due
|
Fixed rate
|
Variable rate
|
||||||
December 31, 2011
|
||||||||||||||||
Assets
|
||||||||||||||||
Investments
|
29,818
|
-
|
-
|
6,684
|
-
|
-
|
-
|
142,776
|
-
|
-
|
149,460
|
149,460
|
179,278
|
23,842
|
143,247
|
12,189
|
Receivables
|
70,990
|
11,243
|
48,647
|
946
|
8,354
|
646
|
355
|
524
|
736
|
3,249
|
63,457
|
74,700
|
145,690
|
145,593
|
97
|
-
|
Liabilities
|
||||||||||||||||
Short and long-term debt
|
-
|
-
|
451,565
|
58,491
|
29,604
|
49,604
|
28,887
|
-
|
-
|
1,269,423
|
1,887,574
|
1,887,574
|
1,887,574
|
34,557
|
1,853,017
|
-
|
Other liabilities
|
15,070
|
-
|
46,988
|
33,323
|
958
|
6,201
|
2,012
|
7,984
|
37,178
|
15,147
|
149,791
|
149,791
|
164,861
|
81,412
|
32,985
|
50,464
|
June 30, 2011
|
||||||||||||||||
Assets
|
||||||||||||||||
Investments
|
23,492
|
-
|
5,861
|
6,722
|
-
|
6,645
|
-
|
-
|
130,444
|
-
|
149,672
|
149,672
|
173,164
|
9,374
|
143,734
|
20,056
|
Receivables
|
56,914
|
25,695
|
33,545
|
48,139
|
9,870
|
1,882
|
2,325
|
361
|
180
|
3,156
|
99,458
|
125,153
|
182,067
|
117,423
|
64,139
|
505
|
Liabilities
|
||||||||||||||||
Short and long-term debt
|
-
|
-
|
468,386
|
747
|
(396)
|
57,189
|
26,001
|
(1,584)
|
(1,584)
|
1,215,287
|
1,764,046
|
1,764,046
|
1,764,046
|
395,876
|
1,368,170
|
-
|
Other liabilities
|
46,876
|
-
|
40,615
|
6,541
|
170
|
8,875
|
1,835
|
20,596
|
38,056
|
167
|
116,855
|
116,855
|
163,731
|
102,740
|
5,861
|
55,130
|
1.
|
Specific and significant legal systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions.
|
2.
|
Significant changes in the Company´s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years.
|
3.
|
Receivables and liabilities by maturity date
|
Concepts |
Falling due
(Point 3.a.)
|
Without term
(Point 3.b.)
|
Without term
(Point 3.b.)
|
To be due (Point 3.c.)
|
Total
|
||||||||
12.31.2011
|
Current
|
Non-current
|
Up to 3 months
|
From 3 to 6
months
|
From 6 to 9
months
|
From 9 to 12
months
|
From 1 to 2
years
|
From 2 to 3
years
|
From 3 to 4
years
|
From 4 years on
|
|||
Receivables
|
Accounts receivable, net
|
11,243
|
-
|
-
|
19,642
|
609
|
8,059
|
29
|
323
|
7
|
-
|
-
|
39,912
|
Other receivables
|
-
|
5,810
|
65,180
|
29,005
|
337
|
295
|
617
|
32
|
517
|
736
|
3,249
|
105,778
|
|
Total
|
11,243
|
5,810
|
65,180
|
48,647
|
946
|
8,354
|
646
|
355
|
524
|
736
|
3,249
|
145,690
|
|
Liabilities
|
Trade accounts payable
|
-
|
-
|
-
|
18,776
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18,776
|
Customers advances
|
-
|
7,550
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,550
|
|||
Short and long-term debts
|
-
|
451,565
|
58,491
|
29,604
|
49,604
|
28,887
|
-
|
-
|
1,269,423
|
1,887,574
|
|||
Salaries and social security payable
|
-
|
2,536
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,536
|
|||
Taxes payable
|
-
|
1,424
|
5,859
|
8,860
|
(1,990)
|
-
|
-
|
428
|
5,743
|
-
|
-
|
20,324
|
|
Other liabilities
|
-
|
2,276
|
-
|
9,266
|
35,313
|
958
|
6,201
|
1,584
|
2,241
|
37,178
|
15,147
|
110,164
|
|
Provisions
|
-
|
5,511
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,511
|
|
Total
|
-
|
9,211
|
5,859
|
498,553
|
91,814
|
30,562
|
55,805
|
30,899
|
7,984
|
37,178
|
1,284,570
|
2,052,435
|
|
4.a.
|
Breakdown of accounts receivable and liabilities by currency and maturity
|
Concepts | Current | Non-Current | Total | |||||||
Local Currency | Foreign Curency | Total | Local Currency | Foreign Curency | Total | Local Currency | Foreign Curency | Total | ||
Receivables
|
Accounts receivable, net
|
12,386
|
27,196
|
39,582
|
40
|
290
|
330
|
12,426
|
27,486
|
39,912
|
Other receivables
|
28,322
|
7,742
|
36,064
|
69,710
|
4
|
69,714
|
98,032
|
7,746
|
105,778
|
|
Total
|
40,708
|
34,938
|
75,646
|
69,750
|
294
|
70,044
|
110,458
|
35,232
|
145,690
|
|
Liabilities
|
Trade accounts payable
|
12,590
|
6,186
|
18,776
|
-
|
-
|
-
|
12,590
|
6,186
|
18,776
|
Customers advances
|
7,283
|
267
|
7,550
|
-
|
-
|
-
|
7,283
|
267
|
7,550
|
|
Short and long-term debts
|
503,300
|
85,964
|
589,264
|
(8,972)
|
1,307,282
|
1,298,310
|
494,328
|
1,393,246
|
1,887,574
|
|
Salaries and social security payable
|
2,536
|
-
|
2,536
|
-
|
-
|
-
|
2,536
|
-
|
2,536
|
|
Taxes payable
|
8,294
|
-
|
8,294
|
12,030
|
-
|
12,030
|
20,324
|
-
|
20,324
|
|
Other liabilities
|
15,919
|
38,095
|
54,014
|
249
|
55,901
|
56,150
|
16,168
|
93,996
|
110,164
|
|
Provisions
|
5,511
|
-
|
5,511
|
-
|
-
|
-
|
5,511
|
-
|
5,511
|
|
Total
|
555,433
|
130,512
|
685,945
|
3,307
|
1,363,183
|
1,366,490
|
558,740
|
1,493,695
|
2,052,435
|
|
4.b.
|
Breakdown of accounts receivable and liabilities by adjustment clause
|
4.c.
|
Breakdown of accounts receivable and liabilities by interest clause
|
Concepts | Current | Non-Current | Accruing Interest | Non Accruing Interest | Total | ||||||||
Accruing Interest | Non Accruing Interest | Total | Accruing Interest | Non Accruing Interest | Total | ||||||||
Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||
Receivables
|
Accounts receivable, net
|
-
|
-
|
39,582
|
39,582
|
-
|
-
|
330
|
330
|
-
|
-
|
39,912
|
39,912
|
Other receivables
|
97
|
-
|
35,967
|
36,064
|
-
|
-
|
69,714
|
69,714
|
97
|
-
|
105,681
|
105,778
|
|
Total
|
97
|
-
|
75,549
|
75,646
|
-
|
-
|
70,044
|
70,044
|
97
|
-
|
145,593
|
145,690
|
|
Liabilities
|
Trade accounts payable
|
-
|
-
|
18,776
|
18,776
|
-
|
-
|
-
|
-
|
-
|
-
|
18,776
|
18,776
|
Customers advances
|
-
|
-
|
7,550
|
7,550
|
-
|
-
|
-
|
-
|
-
|
-
|
7,550
|
7,550
|
|
Short and long-term debts
|
532,929
|
-
|
56,335
|
589,264
|
1,320,087
|
-
|
(21,777)
|
1,298,310
|
1,853,016
|
-
|
34,558
|
1,887,574
|
|
Salaries and social security payable
|
-
|
-
|
2,536
|
2,536
|
-
|
-
|
-
|
-
|
-
|
-
|
2,536
|
2,536
|
|
Taxes payable
|
-
|
-
|
8,294
|
8,294
|
-
|
-
|
12,030
|
12,030
|
-
|
-
|
20,324
|
20,324
|
|
Other liabilities
|
32,985
|
-
|
21,029
|
54,014
|
-
|
50,464
|
5,686
|
56,150
|
32,985
|
50,464
|
26,715
|
110,164
|
|
Provisions
|
-
|
-
|
5,511
|
5,511
|
-
|
-
|
-
|
-
|
-
|
-
|
5,511
|
5,511
|
|
Total
|
565,914
|
-
|
120,031
|
685,945
|
1,320,087
|
50,464
|
(4,061)
|
1,366,490
|
1,886,001
|
50,464
|
115,970
|
2,052,435
|
13.
|
Insurances
|
Real Estate
|
Insured amounts (1)
|
Accounting values
|
Risk covered
|
||||||
EDIFICIO REPÚBLICA
|
79,637 | 213,161 |
All operational risk with additional coverage and minor risks
|
||||||
BOUCHARD 551
|
63,303 | 147,078 |
All operational risk with additional coverage and minor risks
|
||||||
TORRE BANKBOSTON
|
69,800 | 156,526 |
All operational risk with additional coverage and minor risks
|
||||||
BOUCHARD 710
|
32,716 | 63,764 |
All operational risk with additional coverage and minor risks
|
||||||
LIBERTADOR 498
|
3,423 | 9,819 |
All operational risk with additional coverage and minor risks
|
||||||
MAIPU 1300
|
21,312 | 36,213 |
All operational risk with additional coverage and minor risks
|
||||||
SUIPACHA 652
|
14,084 | 10,258 |
All operational risk with additional coverage and minor risks
|
||||||
DIQUE IV
|
5,261 | 61,092 |
All operational risk with additional coverage and minor risks
|
||||||
AVDA. DE MAYO 595
|
4,255 | 4,138 |
All operational risk with additional coverage and minor risks
|
||||||
MUSEO RENAULT
|
3,212 | 2,952 |
All operational risk with additional coverage and minor risks
|
||||||
MADERO 1020
|
179 | 187 |
All operational risk with additional coverage and minor risks
|
||||||
RIVADAVIA 2768
|
305 | 178 |
All operational risk with additional coverage and minor risks
|
||||||
CONSTITUCIÓN 1159
|
79 | 6,387 |
All operational risk with additional coverage and minor risks
|
||||||
CONSTITUCIÓN 1111
|
79 | 833 |
All operational risk with additional coverage and minor risks
|
||||||
SARMIENTO 517
|
264 | 237 |
All operational risk with additional coverage and minor risks
|
||||||
CASONA ABRIL
|
9,713 | 2,424 |
All operational risk with additional coverage and minor risks
|
||||||
SUBTOTAL
|
307,622 | 715,247 | |||||||
SINGLE POLICY
|
15,000 | - |
Third party liability
|
|
(1)
|
The insured amounts are in thousands of U.S.dollars.
|
14.
|
Allowances and provisions that, taken individually or as a whole, exceed 2 % of the shareholder´s equity
|
15.
|
Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company´s financial position have not been recognized
|
16.
|
Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions
|
|
Not applicable.
|
17.
|
Unpaid accumulated dividends on preferred shares
|
|
None.
|
18.
|
Restrictions on distributions of profits
|
|
See Note 14.b. and 17 to the Unaudited Basic Financial Statements.
|
1.
|
Brief comments on the Company’s activities during the period, including references to significant events after the end of the period.
|
2.
|
Consolidated Shareholders’ equity structure as compared with the same period for the four previous years.
|
12.31.11 | 12.31.10 | 12.31.09 | 12.31.08 | 12.31.07 | ||||||||||||||||
Current assets
|
1,067,046 | 1,111,793 | 902,608 | 718,463 | 982,900 | |||||||||||||||
Non- current assets
|
5,354,975 | 4,975,162 | 4,326,528 | 3,778,106 | 3,173,074 | |||||||||||||||
Total
|
6,422,021 | 6,086,955 | 5,229,136 | 4,496,569 | 4,155,974 | |||||||||||||||
Current liabilities
|
1,401,534 | 1,330,713 | 952,535 | 808,163 | 558,219 | |||||||||||||||
Non-current liabilities
|
2,275,878 | 1,970,204 | 1,437,814 | 1,413,846 | 1,263,996 | |||||||||||||||
Subtotal
|
3,677,412 | 3,300,917 | 2,390,349 | 2,222,009 | 1,822,215 | |||||||||||||||
Minority interest
|
315,304 | 327,986 | 510,583 | 440,036 | 458,672 | |||||||||||||||
Shareholders´ equity
|
2,429,305 | 2,458,052 | 2,328,204 | 1,834,524 | 1,875,087 | |||||||||||||||
Total
|
6,422,021 | 6,086,955 | 5,229,136 | 4,496,569 | 4,155,974 |
3.
|
Consolidated result structure as compared with the same period for the four previous years.
|
12.31.11 | 12.31.10 | 12.31.09 | 12.31.08 | 12.31.07 | ||||||||||||||||
Operating income
|
366,103 | 300,683 | 291,842 | 48,898 | 141,901 | |||||||||||||||
Amortization of negative goodwill, net
|
8,865 | 1,819 | 826 | 1,167 | 616 | |||||||||||||||
Financial results, net
|
(225,542 | ) | (91,254 | ) | (48,788 | ) | (138,972 | ) | (54,853 | ) | ||||||||||
Gain (Loss) in equity investments
|
58,570 | 73,721 | 143,130 | (47,312 | ) | (9,066 | ) | |||||||||||||
Other expenses, net
|
(7,987 | ) | (15,279 | ) | (8,446 | ) | (1,848 | ) | (4,500 | ) | ||||||||||
Net gain (loss) before taxes
|
200,009 | 269,690 | 378,564 | (138,067 | ) | 74,098 | ||||||||||||||
Income tax / MPIT
|
(65,313 | ) | (49,071 | ) | (84,662 | ) | 13,607 | (46,451 | ) | |||||||||||
Minority interest
|
(1,644 | ) | (50,061 | ) | (29,589 | ) | 25,445 | (21,863 | ) | |||||||||||
Net income (loss) for the period
|
133,052 | 170,558 | 264,313 | (99,015 | ) | 5,784 |
4.
|
Statistical data as compared with the same period for the four previous years.
|
As of:
|
||||||||||||||||||||
12.31.11 | 12.31.10 | 12.31.09 | 12.31.08 | 12.31.07 | ||||||||||||||||
Apartments & Loft Buildings
|
||||||||||||||||||||
Torre Renoir
|
- | - | 142 | 27,831 | - | |||||||||||||||
Torre Renoir II
|
- | - | - | - | 41,808 | |||||||||||||||
Barrio Chico
|
371 | - | - | 1,968 | 855 | |||||||||||||||
Torres de Rosario
|
3,503 | - | - | - | - | |||||||||||||||
Caballito Nuevo
|
7,119 | 26,560 | - | - | - | |||||||||||||||
Torres de Abasto
|
- | - | - | 319 | 295 | |||||||||||||||
Torres Jardín
|
- | 44 | - | 513 | 16 | |||||||||||||||
Horizons
|
53,928 | - | - | - | - | |||||||||||||||
Others
|
- | - | - | 320 | 49 | |||||||||||||||
Residential Communities
|
||||||||||||||||||||
Abril
|
- | 466 | 4,139 | 2,531 | 1,756 | |||||||||||||||
El Encuentro
|
7,979 | 7,202 | - | - | - | |||||||||||||||
Villa Celina I, II and III
|
- | - | - | 76 | - | |||||||||||||||
Undeveloped parcel of lands
|
||||||||||||||||||||
Canteras Natal Crespo
|
12 | 12 | 6 | - | 21 | |||||||||||||||
Rosario plot of land
|
20,587 | 5,669 | - | 7,644 | 3,428 | |||||||||||||||
Dique III
|
- | - | - | - | 14,783 | |||||||||||||||
Thames
|
20,022 | - | - | - | - | |||||||||||||||
C. Gardel 3134
|
- | 934 | - | - | - | |||||||||||||||
C. Gardel 3128
|
- | 887 | - | - | - | |||||||||||||||
Beruti plot of land
|
- | 75,373 | - | - | - | |||||||||||||||
Others
|
- | 148 | - | - | - | |||||||||||||||
Others
|
||||||||||||||||||||
Edificios Costeros
|
- | - | 68,580 | - | - | |||||||||||||||
Dock del Plata
|
- | - | 34,492 | 6,438 | - | |||||||||||||||
Libertador 498
|
10,600 | - | 29,982 | - | ||||||||||||||||
Torre Bank Boston
|
- | - | - | 6,850 | - | |||||||||||||||
Madero 940
|
- | - | - | 6,137 | - | |||||||||||||||
Madero 1020
|
- | - | 71 | - | - | |||||||||||||||
Others
|
45 | 34 | - | 3,055 | ||||||||||||||||
124,166 | 117,329 | 137,412 | 63,682 | 63,011 |
5.
|
Key ratios as compared with the same period for the four previous years.
|
12.31.11 | 12.31.10 | 12.31.09 | 12.31.08 | 12.31.07 | ||||||
Liquidity ratio
|
||||||||||
Current assets
|
1,067,046 |
=0.76
|
1,111,793 |
=0.84
|
902,608 |
=0.95
|
718,463 |
=0.89
|
982,900 |
=1.76
|
Current liabilities
|
1,401,534 | 1,330,713 | 952,535 | 808,163 | 558,219 | |||||
Indebtedness ratio
|
||||||||||
Total liabilities
|
3,677,412 |
=1.51
|
3,300,917 |
=1.34
|
2,390,349 |
=1.03
|
2,222,009 |
=1.21
|
1,822,215 |
=0.97
|
Shareholders´ equity
|
2,429,305 | 2,458,052 | 2,328,204 | 1,834,524 | 1,875,087 | |||||
Solvency
|
||||||||||
Shareholders´ equity
|
2,429,305 |
=0.66
|
2,458,052 |
=0.74
|
2,328,204 |
=0.97
|
1,834,524 |
=0.83
|
1,875,087 |
=1.03
|
Total liabilities
|
3,677,412 | 3,300,917 | 2,390,349 | 2,222,009 | 1,822,215 | |||||
Immobilized Capital
|
||||||||||
Non-current assets
|
5,354,975 |
=0.83
|
4,975,162 |
=0.82
|
4,326,528 |
=0.83
|
3,778,106 |
=0.84
|
3,173,074 |
=0.76
|
Total assets
|
6,422,021 | 6,088,955 | 5,229,136 | 4,496,569 | 4,155,974 | |||||
6.
|
Progress in complying with the IFRS implementation plan.
|
7.
|
Brief comment on the outlook for the coming period.
|
1.
|
We have reviewed the balance sheet of IRSA Inversiones y Representaciones Sociedad Anónima at December 31, 2011, and the related statements of income, of changes in shareholders’ equity and of cash flows for the six-month period ended December 31, 2011 and the supplementary notes 1 to 24 and exhibits A to I. Furthermore, we have reviewed the consolidated balance sheet of IRSA Inversiones y Representaciones Sociedad Anónima with its subsidiaries at December 31, 2011, and the consolidated statements of income and of cash flows for the six-month period ended December 31, 2011, which are presented as supplementary information. These financial statements are the responsibility of the Company’s management.
|
2.
|
We conducted our review in accordance with standards established by Technical Resolution No. 7 of the Argentine Federation of Professional Councils of Economic Sciences for limited reviews of financial statements. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion over the balance sheet, statements of income, of changes in shareholders ´equity and of cash flows and the consolidated financial statements ended December 31, 2011.
|
3.
|
Based on our work and examinations of the financial statements of the Company and the consolidated financial statements for the year ended June 30, 2011 on which we issued our unqualified report on September 8, 2011, we report that:
|
a)
|
the financial statements of IRSA Inversiones y Representaciones Sociedad Anónima at December 31, 2011 and its consolidated financial statements at that date, set out in point 1., prepared in accordance with accounting standards prevailing in the Autonomous City of Buenos Aires, include all significant facts and circumstances of which we are aware and we have no observations to make on them.
|
b)
|
the comparative information at June 30, 2011 included in the basic and consolidated balance sheets and the supplementary notes and exhibits to the attached financial statements arise from the Company´s financial statements at that date.
|
c)
|
the comparative information at December 31, 2010 included in the basic and consolidated statements of income and of cash flows and the supplementary notes and exhibits to the attached financial statements arise from the Company´s audited special financial statements at that date, on which we issued our unqualified report on March 4, 2011.
|
4.
|
In accordance with current regulations we report that:
|
|
a)
|
the financial statements of IRSA Inversiones y Representaciones Sociedad Anónima and its consolidated financial statements have been transcribed to the “Inventory and Balance Sheet Book” and comply, as regards those matters that are within our competence, with the Corporations Law and pertinent resolutions of the National Securities Commission;
|
|
b)
|
the financial statements of IRSA Inversiones y Representaciones Sociedad Anónima arise from official accounting records carried in all formal respects in accordance with legal requirements;
|
|
c)
|
we have read the business highlights, except for the chapter entitled “Progress in complying with the IFRS implementation plan”, and the additional information to the notes to the financial statements required by sect. 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make; and
|
|
d)
|
at December 31, 2011, the debt accrued in favor of the Argentine Integrated Pension System according to the accounting records amounted to Ps. 300,1 thousands, none of which was claimable at that date.
|
PRICE WATERHOUSE & Co. S.R.L.
By (Partner)
|
ABELOVICH, POLANO & ASOCIADOS S.R.L.
By (Partner)
|
Norberto Fabián Montero
|
Marcelo Héctor Fuxman
|
In ARS million
|
IIQ 12
|
IIQ 11
|
YoY Var
|
6M 12 | 6M 11 |
YoY Var
|
||||||||||||||||||
Revenues
|
395.9 | 390.9 | 1.3 | % | 739.6 | 697.7 | 6 | % | ||||||||||||||||
Operating Income
|
202.4 | 162.7 | 24.4 | % | 366.1 | 300.7 | 22 | % | ||||||||||||||||
Depreciation and Amortization
|
42.8 | 39.5 | 8.4 | % | 87.0 | 79.1 | 10 | % | ||||||||||||||||
EBITDA1
|
245.2 | 202.2 | 21.3 | % | 453.0 | 379.8 | 19 | % | ||||||||||||||||
Income for the Period
|
127.4 | 114.4 | 11.4 | % | 133.1 | 170.6 | -22 | % |
►
|
The company’s consolidated Revenues for the second quarter of fiscal year 2012 were 6% higher than in the same period of the previous fiscal year. This level of growth is explained by the improvement in the shopping centers and offices revenues, of around 28% and 15%, respectively, offset by a fall in the hotel business and sales and developments.
|
►
|
Operating income grew 24.4% during the second quarter of 2012 due to the improvement in operating margins of our shopping centers and offices business, whereas net income for the fiscal year amounted to ARS 127.4 million, 11.4% higher than in the same period of the previous fiscal year and showing a substantial improvement as compared to the ARS 5.7 million income observed in the last quarter. This improvement is mainly explained by higher income from Banco Hipotecario and an increase in the market value of IRSA’s option in Hersha Hospitality Trust.
|
In ARS million
|
IIQ 12
|
IIQ 11
|
YoY Var
|
6M 12 | 6M 11 |
YoY Var
|
||||||||||||||||||
EBITDA rental segment
|
217.2 | 171.3 | 26.9 | % | 413.9 | 321.1 | 28.9 | % | ||||||||||||||||
EBITDA Consumer Finance
|
-1.1 | 0.3 | -466.7 | % | 2.5 | 19.9 | -87.4 | % | ||||||||||||||||
EBITDA Sales and Development
|
29.0 | 30.7 | -5.5 | % | 36.6 | 38.9 | -5.9 | % | ||||||||||||||||
Total EBITDA
|
245.2 | 202.2 | 21.3 | % | 453.0 | 379.8 | 19.3 | % |
►
|
EBITDA from the rental segments has shown an upward trend of around 27% for the second quarter of fiscal year 2012 as compared to the same period of 2011. For the first six months of fiscal year 2012, EBITDA from the rental segment grew 28.9% as compared to the first six months of 2011, offset by the fall observed in the Sales and Development and Consumer Finance segments. EBITDA grew 19.3%.
|
Shopping Centers
|
||||||||||||||||||||||||
In millions of ARS
|
IIQ 12
|
IIQ 11
|
YoY var
|
6M 12(1) | 6M 11(1) |
YoY var
|
||||||||||||||||||
Revenues
|
233.4 | 181.9 | 28.3 | % | 436.0 | 330.7 | 31.8 | % | ||||||||||||||||
Operating Income
|
151.9 | 108.8 | 39.6 | % | 280.3 | 193.5 | 44.9 | % | ||||||||||||||||
Depreciation and Amortization
|
34.6 | 30.8 | 12.3 | % | 69.1 | 59.9 | 15.4 | % | ||||||||||||||||
EBITDA
|
186.5 | 139.6 | 33.6 | % | 349.4 | 253.4 | 37.9 | % | ||||||||||||||||
IIQ 12
|
IQ 12
|
IVQ 11
|
IIIQ 11
|
IIQ 11
|
IQ 11
|
|||||||||||||||||||
Total Leasable Area (sqm)
|
308,597 | 307,233 | 299,326 | 299,130 | 299,130 | 286,286 | ||||||||||||||||||
Tenants’ Sales
(ARS million, 12-month cumulative)
|
8,975 | 8,316 | 7,766 | 6,856 | 6,277 | 5,776 | ||||||||||||||||||
Tenants’ Sales in the same Shopping Centers (ARS million, 12-month cumulative)
|
8,689 | 7,027 | 6,577 | 5,868 | 5,411 | 5,012 | ||||||||||||||||||
Occupancy
|
97.7 | % | 97.7 | % | 97.3 | % | 97.3 | % | 97.6 | % | 97.5 | % |
(1)
|
6 months as of December 31 of each year.
|
Shopping Center
|
Date of Acquisition
|
Gross Leaseable Area (sqm)[1]
|
Stores
|
APSA’s Interest
|
Occupancy Rate (%)[2]
|
Book Value
(In thousands of ARS)[3]
|
|||||||||||||||
Alto Palermo
|
Nov-97
|
18,701 | 144 | 100.0 | % | 100.0 | % | 267,347 | |||||||||||||
Abasto Shopping[4]
|
Jul-94
|
37,731 | 175 | 100.0 | % | 100.0 | % | 321,700 | |||||||||||||
Alto Avellaneda
|
Nov-97
|
37,952 | 146 | 100.0 | % | 95.9 | % | 165,836 | |||||||||||||
Paseo Alcorta
|
Jun-97
|
13,911 | 112 | 100.0 | % | 99.5 | % | 133,140 | |||||||||||||
Patio Bullrich
|
Oct-98
|
11,741 | 83 | 100.0 | % | 100.0 | % | 133,984 | |||||||||||||
Alto Noa Shopping
|
Mar-95
|
19,001 | 92 | 100.0 | % | 100.0 | % | 40,565 | |||||||||||||
Buenos Aires Design
|
Nov-97
|
13,777 | 62 | 53.7 | % | 96.9 | % | 16,711 | |||||||||||||
Alto Rosario Shopping[5]
|
11-Abr
|
28,646 | 146 | 100.0 | % | 95.0 | % | 138,286 | |||||||||||||
Mendoza Plaza Shopping
|
Dec-94
|
40,659 | 150 | 100.0 | % | 94.6 | % | 121,658 | |||||||||||||
Córdoba Shopping
|
Jun-12
|
15,262 | 106 | 100.0 | % | 99.9 | % | 77,761 | |||||||||||||
Dot Baires Shopping
|
Sep-05
|
49,527 | 153 | 80.0 | % | 99.9 | % | 488,790 | |||||||||||||
Soleil[6]
|
Oct-07
|
13,975 | 71 | 100.0 | % | 92.1 | % | 72,090 | |||||||||||||
La Ribera Shopping [9]
|
Ago-11
|
7,714 | 49 | 50.0 | % | 97.8 | % | 12,292 | |||||||||||||
Neuquén[7]
|
July-01
|
N/A | - | 98.1 | % | N/A | 20,691 | ||||||||||||||
Fibesa and Other [8]
|
-
|
N/A | - | 100.0 | % | N/A | 0 | ||||||||||||||
Total Shopping Centers
|
308,597 | 1,489 | 97.7 | % | 2,010,851 |
Shopping Center |
Accumulated tenants’ sales as of December 31 (6 months) for the fiscal periods
|
|||||||||||
(In millions of ARS)
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Alto Palermo
|
687.48 | 570.54 | 442.71 | |||||||||
Abasto Shopping
|
801.18 | 623.78 | 455.23 | |||||||||
Alto Avellaneda
|
741.24 | 575.02 | 419.70 | |||||||||
Paseo Alcorta
|
351.85 | 271.01 | 216.53 | |||||||||
Patio Bullrich
|
267.60 | 223.61 | 167.30 | |||||||||
Alto Noa Shopping
|
249.02 | 183.14 | 135.52 | |||||||||
Buenos Aires Design
|
118.73 | 93.84 | 69.29 | |||||||||
Alto Rosario Shopping
|
416.58 | 294.54 | 199.60 | |||||||||
Mendoza Plaza Shopping
|
457.54 | 351.57 | 257.40 | |||||||||
Córdoba Shopping
|
174.32 | 114.58 | 84.66 | |||||||||
Dot Baires Shopping
|
654.22 | 491.03 | 366.96 | |||||||||
Soleil[1]
|
133.27 | 100.27 | 0.00 | |||||||||
La Ribera Shopping [2]
|
48.25 | 0.00 | 0.00 | |||||||||
Total
|
5,101.28 | 3,892.94 | 2,814.91 | |||||||||
[1] APSA took possession of this Shopping Center on July 1, 2010
|
||||||||||||
[2] APSA took possession of this Shopping Center on August 15, 2011
|
Type of Business |
Accumulated tenants’ sales as of December 31 (6 months) for the fiscal periods [1]
|
|||||||||||
(in millions of ARS)
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Anchor Store
|
369.76 | 276.27 | 215.65 | |||||||||
Clothes and Footwear
|
2,553.94 | 1,917.69 | 1,405.08 | |||||||||
Entertainment
|
162.66 | 122.55 | 78.00 | |||||||||
Home
|
908.48 | 740.13 | 520.06 | |||||||||
Restaurant
|
456.16 | 340.70 | 233.87 | |||||||||
Miscellaneous
|
624.98 | 474.26 | 345.36 | |||||||||
Services
|
25.30 | 21.35 | 16.89 | |||||||||
Total
|
5,101.28 | 3,892.94 | 2,814.91 | |||||||||
[1] Excludes sales from La Ribera Shopping
|
Shopping Center
|
Accumulated Rental Income as of December 31 (6 months) for the fiscal periods [1]
|
|||||||||||
(In millions of ARS)
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Alto Palermo
|
74,782 | 59,583 | 46,978 | |||||||||
Abasto Shopping
|
75,666 | 58,895 | 44,030 | |||||||||
Alto Avellaneda
|
50,191 | 37,754 | 27,674 | |||||||||
Paseo Alcorta
|
32,219 | 25,818 | 21,144 | |||||||||
Patio Bullrich
|
27,580 | 22,430 | 18,153 | |||||||||
Alto Noa Shopping
|
13,232 | 9,728 | 6,967 | |||||||||
Buenos Aires Design
|
9,813 | 8,440 | 7,279 | |||||||||
Alto Rosario Shopping
|
29,212 | 20,499 | 15,063 | |||||||||
Mendoza Plaza Shopping
|
24,717 | 17,498 | 13,459 | |||||||||
Córdoba Shopping
|
13,157 | 9,286 | 6,678 | |||||||||
Dot Baires Shopping [6]
|
51,201 | 37,120 | 32,028 | |||||||||
Soleil[2]
|
9,726 | 5,924 | 0 | |||||||||
La Ribera Shopping [5]
|
1,603 | 0 | 0 | |||||||||
Neuquén[3]
|
0 | 0 | 0 | |||||||||
Fibesa and Other [4]
|
22,882 | 17,760 | 12,762 | |||||||||
Total
|
435,981 | 330,735 | 252,215 | |||||||||
[1] Corresponds to total consolidated leases.
|
||||||||||||
[2] APSA took possession of this Shopping Center on July 1, 2010
|
||||||||||||
[3] Land for the development of a Shopping Center
|
||||||||||||
[4] Includes revenues from Fibesa S.A., Comercializadora Los Altos S.A. (merged with Fibesa S.A.), and others
|
||||||||||||
[5] APSA took possession of this Shopping Center on August 15, 2011
|
||||||||||||
[6] Excludes revenues from office space
|
Accumulated as of December 31 for the fiscal periods (in thousands of ARS)
|
||||||||||||
Revenues
|
2012
|
2011
|
2010
|
|||||||||
Base Rent [1]
|
189,155 | 149,014 | 123,097 | |||||||||
Percentage Rent [2]
|
122,262 | 84,607 | 50,282 | |||||||||
Total Rent
|
311,417 | 233,621 | 173,379 | |||||||||
Admission Rights [3]
|
41,621 | 34,942 | 30,364 | |||||||||
Stands’ Rent
|
32,388 | 23,067 | 18,479 | |||||||||
Parking
|
21,681 | 15,840 | 12,160 | |||||||||
Others
|
28,874 | 23,265 | 17,833 | |||||||||
Total Revenues
|
435,981 | 330,735 | 252,215 |
[1] Guaranteed minimum value
[2] Corresponds to revenues based on our tenants’ gross sales
|
[3] Corresponds to revenues from fees that tenants are required to pay upon entering into or renewing a lease.
|
Offices and Others
|
||||||||||||||||||||||||
In ARS million
|
IIQ 12
|
IIQ 11
|
YoY var
|
6M 12 | 6M 11 |
YoY var
|
||||||||||||||||||
Revenues
|
47.1 | 41.1 | 14.6 | % | 91.2 | 81.7 | 11.6 | % | ||||||||||||||||
Operating Income
|
24.4 | 15.9 | 53.5 | % | 49.4 | 38.4 | 28.6 | % | ||||||||||||||||
Depreciation and Amortization
|
4.8 | 5.0 | -4.0 | % | 11.3 | 11.2 | 0.9 | % | ||||||||||||||||
EBITDA
|
29.2 | 21.0 | 39.0 | % | 60.7 | 49.7 | 22.1 | % | ||||||||||||||||
IIQ12
|
IQ 12
|
IVQ 11
|
IIIQ 11
|
IIQ 11
|
IQ 11
|
|||||||||||||||||||
Leasable area (sqm)
|
150,243 | 150,860 | 150,860 | 150,860 | 151,480 | 151,480 | ||||||||||||||||||
Occupancy
|
96 | % | 95 | % | 90.9 | % | 87.3 | % | 87.6 | % | 87.5 | % | ||||||||||||
Monthly Revenues (ARS/Leased sqm)
|
102,4 | 92.8 | 100.1 | 101.2 | 98.5 | 98.0 | ||||||||||||||||||
Monthly Revenues (US$/Leased sqm)
|
23,8 | 22.2 | 24.4 | 25.0 | 24.8 | 24.7 |
►
|
Revenues from the Office segment increased by 14.6% in the second quarter of fiscal year 2012, whereas operating income grew by 53.5% as compared to the same quarter of the previous fiscal year. This improvement in the level of activity of offices has been mainly driven by the occupancy of some vacant floors and an improvement in rental price levels. EBITDA grew in the same line (+37.1%).
|
►
|
The portfolio’s occupancy level reached 96%, 5.1% higher than the one recorded as of the end of fiscal year 2011. The entire portfolio’s rental prices grew with respect to the previous quarter, reaching values close to 24 US$ / sqm. This reflects the soundness of our assets, which are located in the best areas of Downtown Buenos Aires.
|
►
|
The EBITDA/Revenues margin for the first six months of fiscal year 2012 was 66.5%, above the 60.8% ratio observed in the same period of fiscal year 2011.
|
Date of Acquisition
|
Leasable Area Sqm (1)
|
Occupancy Rate (2)
|
IRSA’s Effective Interest
|
Monthly Rental Income (in thousands of ARS) (3)
|
Annual accumulated rental income over fiscal periods
(in thousands of ARS) (4)
|
Book Value (in thousands of ARS) (5)
|
||||||||||||||||||||||||||||||
Dec-11
|
2012
|
2011
|
2010
|
|||||||||||||||||||||||||||||||||
Offices
|
||||||||||||||||||||||||||||||||||||
Edificio República
|
04/28/08
|
19,884 | 90 | % | 100 | % | 2,278 | 13,189 | 12,660 | 10,518 | 213,161 | |||||||||||||||||||||||||
Torre Bankboston
|
08/27/07
|
14,873 | 94 | % | 100 | % | 1,906 | 10,414 | 11,113 | 10,827 | 151,144 | |||||||||||||||||||||||||
Bouchard 551
|
03/15/07
|
23,378 | 100 | % | 100 | % | 2,373 | 13,148 | 11,695 | 11,014 | 147,078 | |||||||||||||||||||||||||
Intercontinental Plaza
|
11/18/97
|
22,535 | 96 | % | 100 | % | 2,034 | 11,324 | 10,653 | 10,595 | 77,163 | |||||||||||||||||||||||||
Bouchard 710
|
06/01/05
|
15,014 | 96 | % | 100 | % | 1,750 | 9,830 | 7,917 | 8,151 | 63,764 | |||||||||||||||||||||||||
Dique IV, Juana Manso 295 (10)
|
12/02/97
|
11,298 | 92 | % | 100 | % | 1,324 | 7,719 | 7,282 | 6,935 | 61,092 | |||||||||||||||||||||||||
Maipú 1300
|
09/28/95
|
10,280 | 100 | % | 100 | % | 1,081 | 6,333 | 5,811 | 5,664 | 36,213 | |||||||||||||||||||||||||
Costeros Dique IV
|
08/29/01
|
5,437 | 100 | % | 100 | % | 559 | 3,123 | 2,608 | 2,527 | 18,229 | |||||||||||||||||||||||||
Libertador 498 (15)
|
12/20/95
|
2,477 | 100 | % | 100 | % | 379 | 2,469 | 2,850 | 3,983 | 9,819 | |||||||||||||||||||||||||
Suipacha 652/64
|
11/22/91
|
11,453 | 95 | % | 100 | % | 646 | 3,597 | 3,272 | 2,360 | 10,258 | |||||||||||||||||||||||||
Madero 1020
|
12/21/95
|
101 | 100 | % | 100 | % | 3 | 17 | 17 | 15 | 187 | |||||||||||||||||||||||||
Dot Building (13)
|
11/28/06
|
11,242 | 100 | % | 96 | % | 864 | 3,197 | 577 | - | 104,069 | |||||||||||||||||||||||||
Other Offices (6)
|
N/A | 2,271 | 86 | % | N/A | 189 | 1,300 | 534 | 3,152 | 4,553 | ||||||||||||||||||||||||||
Subtotal Offices
|
150,243 | 96 | % | N/A | 15,386 | 85,660 | 76,989 | 75,741 | 896,730 | |||||||||||||||||||||||||||
Other Properties
|
||||||||||||||||||||||||||||||||||||
Commercial Properties (7)
|
N/A | 312 | - | N/A | - | - | - | 3,257 | ||||||||||||||||||||||||||||
Museo Renault
|
12/06/07
|
1,275 | 100 | % | - | 180 | 178 | 1,825 | ||||||||||||||||||||||||||||
Santa María del Plata S.A.
|
07/10/97
|
60,100 | 100 | % | 100 | % | 95 | 552 | 2,103 | 505 | 12,511 | |||||||||||||||||||||||||
Thames (15)
|
11/01/97
|
33,191 | - | 100 | % | - | - | 175 | ||||||||||||||||||||||||||||
Nobleza Piccardo (14)
|
05/31/11
|
80,028 | 100 | % | 50 | % | 1,361 | 3,921 | 69,435 | |||||||||||||||||||||||||||
Plot of Land Catalinas Norte (12)
|
12/17/09
|
N/A | N/A | N/A | - | 686 | N/A | 108,802 | ||||||||||||||||||||||||||||
Other Properties (8)
|
N/A | 2,072 | 100 | % | N/A | 15 | -1 | 66 | 42 | 6,927 | ||||||||||||||||||||||||||
Subtotal Other Properties
|
176,073 | 81 | % | N/A | 1,471 | 4,472 | 3,035 | 900 | 202,757 | |||||||||||||||||||||||||||
Management fees (11)
|
N/A | N/A | N/A | 1,073 | 1,689 | 2,353 | N/A | |||||||||||||||||||||||||||||
TOTAL OFFICES AND OTHERS (9)
|
326,316 | 88 | % | N/A | 16,857 | 91,205 | 81,712 | 78,994 | 1,099,487 |
Notes:
|
(1) Total leaseable area for each property as of 12/31/11. Excludes common areas and parking.
|
(2) Calculated dividing occupied square meters by leaseable area as of 12/31/11.
|
(3) Agreements in force as of 12/31/11 for each property were computed.
|
(4) Total consolidated leases, according to the RT21 method.
|
(5) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment in value.
|
(6) Includes the following properties: Madero 942 (fully sold), Av. de Mayo 595, Av. Libertador 602 (fully sold), Rivadavia 2774, Sarmiento 517, Dock del Plata (fully sold), Edificio Costeros (fully sold), Laminar (fully sold) and Reconquista 823/41 (fully sold).
|
(7) Includes the following properties: Constitución 1111, Crucero I (fully sold), Locales de Abril (fully assigned) and Casona de Abril.
|
(8) Includes the following properties: Constitución 1159 and Dique III (fully sold), and Canteras.
|
(9) Corresponds to the “Offices and Other Rental Properties” business unit mentioned in Note 3 to the Consolidated Financial Statements..
|
(10) The building was occupied in May 2009
|
(11) Income from building management fees.
|
(12) Includes other income from lease of parking spaces.
|
(13) Through Alto Palermo S.A. The building has recorded income as from August 2010.
|
(14) Through Quality Invest S.A.
(15) See Note 16.1 to the basic financial statements.
|
Sales and Development
|
||||||||||||||||||||||||
in ARS M
|
IIQ 12
|
IIQ 11
|
YoY Var
|
6M 12 | 6M 11 |
YoY Var
|
||||||||||||||||||
Revenues
|
68.8 | 106.3 | -35.3 | % | 124.2 | 117.3 | 5.9 | % | ||||||||||||||||
Operating Income
|
29.0 | 30.6 | -5.2 | % | 36.6 | 38.7 | -5.4 | % | ||||||||||||||||
Depreciation & Amortizations
|
0.0 | 0.1 | -100 | % | 0.0 | 0.2 | -100 | % | ||||||||||||||||
EBITDA
|
29.0 | 30.7 | - -5.5 | % | 36.6 | 38.9 | -5.9 | % |
►
|
During the second quarter of fiscal year 2012, sales totaled ARS 68.8 million, mainly explained by the revenue recognition of ARS 28.3 million from “Horizons” project, ARS 20.0 millions from the sale of Thames San Justo and ARS 2.6 million from the sale of plots of “El Encuentro”.
|
►
|
For the first six months of fiscal year 2012, the gain from Valuation of Inventories at Net Realizable Value was ARS 35.2 million, derived mainly from the following projects:
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·
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Museo Renault
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Libertador 498
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Condominios II (Rosario)
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Horizons
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DEVELOPMENT | Date of Acquisition |
Estimated / Real Cost (in thousands of ARS)(1)
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Area intended for Sale (sqm) (2)
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Total Units / Lots (3) | IRSA’s Effective Interest | Percentage Built | Percentage Sold (4) | Accumulated Sales
(in thousands of ARS) (5)
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Accumulated Sales as of December 31 of Fiscal Year (in thousands of ARS) (6) | Book Value (in thousands of ARS) (7) | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential Apartments
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Torres Renoir
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09/09/99
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22,861 | 5,383 | 28 | 100 | % | 100 | % | 100 | % | 53,940 | - | - | 142 | - | |||||||||||||||||||||||||||||||||
Caballito Nuevo (15)
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11/03/97
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- | 841 | 23 | 100 | % | 100 | % | 81.18 | % | 7,119 | 7,119 | 26,560 | - | 3,101 | |||||||||||||||||||||||||||||||||
Torres de Rosario (8)
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04/30/99
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- | 5,654 | 112 | 95.59 | % | 100 | % | 31.39 | % | 3,503 | 3,503 | - | - | 19,430 | |||||||||||||||||||||||||||||||||
Libertador 1703 y 1755 (Horizons) (14) (16)
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01/16/07
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399,355 | 44,648 | 467 | 50.00 | % | 100 | % | 100 | % | 53,928 | 53,928 | - | - | 175,782 | |||||||||||||||||||||||||||||||||
Other residential apartments (9)
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N/A | 231,677 | 156,081 | 1,643 | 310,084 | 371 | - | - | 84,405 | |||||||||||||||||||||||||||||||||||||||
Subtotal Apartments
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653,893 | 212,607 | 2,273 | 428,574 | 64,921 | 26,604 | 142 | 282,718 | ||||||||||||||||||||||||||||||||||||||||
Residential Communities
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||||||||||||||||||||||||||||||||||||||||||||||||
Abril/Baldovinos (10)
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01/03/95
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130,955 | 1,408,905 | 1,273 | 100 | % | 100 | % | 99.50 | % | 237,062 | - | 466 | 4,141 | 1,085 | |||||||||||||||||||||||||||||||||
El Encuentro (17)
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11/18/97
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- | 38,410 | 32 | 100 | % | 100 | % | 64.65 | % | 11,461 | 7,979 | 7,202 | - | 3,345 | |||||||||||||||||||||||||||||||||
Villa Celina I, II y III
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05/26/92
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4,742 | 75,970 | 219 | 100 | % | 100 | % | 100 | % | 14,028 | - | - | - | - | |||||||||||||||||||||||||||||||||
Subtotal Residential Communities
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135,697 | 1,523,285 | 1,524 | 262,551 | 7,979 | 7,668 | 4,141 | 4,430 | ||||||||||||||||||||||||||||||||||||||||
Land Reserve
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||||||||||||||||||||||||||||||||||||||||||||||||
Puerto Retiro
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05/18/97
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82,051 | - | 50.00 | % | 0.00 | % | 0.00 | % | - | - | - | - | 54,275 | ||||||||||||||||||||||||||||||||||
Santa María del Plata
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07/10/97
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715,951 | - | 100 | % | 0.00 | % | 10.00 | % | - | - | - | - | 158,750 | ||||||||||||||||||||||||||||||||||
Pereiraola
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12/16/96
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1,299,630 | - | 100 | % | 0.00 | % | 100 | % | 46,311 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Plot of Land Rosario (8) (18)
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04/30/99
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31,000 | - | 95.59 | % | 0.00 | % | 100 | % | 31,659 | 20,587 | 5,669 | - | 6,220 | ||||||||||||||||||||||||||||||||||
Plot of Land Caballito
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11/03/97
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7,451 | - | 100 | % | 0.00 | % | 100 | % | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Neuquén (8)
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07/06/99
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4,332 | 1 | 95.59 | % | 0.00 | % | 100 | % | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Plot of Land Baicom
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12/23/09
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6,905 | - | 50.00 | % | 0.00 | % | 0.00 | % | - | - | - | - | 4,459 | ||||||||||||||||||||||||||||||||||
Canteras Natal Crespo
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07/27/05
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4,320,000 | - | 50.00 | % | 0.00 | % | 0.00 | % | 285 | 12 | 12 | 6 | 5,967 | ||||||||||||||||||||||||||||||||||
Plot of Land Beruti (8)
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06/24/08
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3,207 | - | 95.59 | % | 0.00 | % | 100 | % | - | - | 75,373 | - | - | ||||||||||||||||||||||||||||||||||
Pilar
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05/29/97
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740,237 | - | 100 | % | 0.00 | % | 0.00 | % | - | - | - | - | 3,408 | ||||||||||||||||||||||||||||||||||
Coto Air Space (8)
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09/24/97
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24,000 | - | 95.59 | % | 0.00 | % | 0.00 | % | - | - | - | - | 16,110 | ||||||||||||||||||||||||||||||||||
Torres Jardín IV
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07/18/96
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3,176 | - | 100 | % | 0.00 | % | 100 | % | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Thames
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11/01/97
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87,300 | 100 | % | 0.00 | % | 100 | % | 20,022 | 20,022 | ||||||||||||||||||||||||||||||||||||||
Plot of Land Caballito (8)
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10/22/98
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23,389 | - | 95.59 | % | 0.00 | % | 0.00 | % | - | - | - | - | 45,814 | ||||||||||||||||||||||||||||||||||
Patio Olmos (8)
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09/25/07
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5,147 | - | 95.59 | % | 100 | % | 0.00 | % | - | - | - | - | 33,385 | ||||||||||||||||||||||||||||||||||
Other Land Reserves (11)
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N/A | 13,603,466 | 1 | 2,213 | - | 1,969 | - | 74,993 | ||||||||||||||||||||||||||||||||||||||||
Subtotal Land Reserves
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20,957,242 | 2 | 100,490 | 40,621 | 83,023 | 6 | 403,381 |
Others
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Madero 1020
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12/21/95
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5,069 | N/A | 100 | % | 100 | % | 100 | % | 18,848 | - | - | 71 | - | ||||||||||||||||||||||||||||||||||
Della Paolera 265
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08/27/07
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472 | N/A | 100 | % | 100 | % | 100 | % | 6,850 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Madero 942
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08/31/94
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768 | N/A | 100 | % | 100 | % | 100 | % | 6,137 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Dock del Plata
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11/15/06
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7,942 | N/A | 100 | % | 100 | % | 100 | % | 84,206 | - | - | 34,492 | - | ||||||||||||||||||||||||||||||||||
Libertador 498
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12/20/95
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2,484 | N/A | 100 | % | 100 | % | 100 | % | 93,558 | 10,600 | - | 29,982 | |||||||||||||||||||||||||||||||||||
Edificios Costeros
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03/20/97
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6,389 | N/A | 100 | % | 100 | % | 100 | % | 68,580 | - | - | 68,580 | - | ||||||||||||||||||||||||||||||||||
Libertador 602
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01/05/96
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677 | N/A | 100 | % | 100 | % | 100 | % | 10,948 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Laminar
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03/25/99
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6,521 | N/A | 100 | % | 100 | % | 100 | % | 74,510 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Reconquista 823
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11/12/93
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5,016 | N/A | 100 | % | 100 | % | 100 | % | 31,535 | - | - | - | - | ||||||||||||||||||||||||||||||||||
Locales Crucero I
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192 | N/A | 100 | % | 100 | % | 100 | % | 2,006 | - | - | - | - | |||||||||||||||||||||||||||||||||||
Others (12)
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N/A | - | N/A | N/A | N/A | N/A | 1,014 | 45 | 34 | (2 | ) | - | ||||||||||||||||||||||||||||||||||||
Subtotal Others
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42,547 | 422,506 | 10,645 | 34 | 133,123 | - | ||||||||||||||||||||||||||||||||||||||||||
TOTAL (13)
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789,590 | 22,735,681 | 3,799 | 1,214,121 | 124,166 | 117,329 | 137,412 | 690,529 |
Notes:
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(1) Cost of acquisition plus total investment made and/or planned for residential property and residential community projects already developed or under development (adjusted for inflation to 02/28/03, as applicable).
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(2) Total property area intended for sale upon completion of the development or acquisition and before sale of any of the units (including parking and storage spaces, but excluding common areas). In the case of Land Reserves, the land area was considered.
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(3) Represents the total units or plots upon completion of the development or acquisition (excludes parking and storage spaces).
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(4) The percentage sold is calculated dividing the square meters sold by the total saleable square meters, including sales transactions instrumented by preliminary sales agreements for which no title deed has been executed yet
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(5) Includes only the cumulative sales consolidated by the RT21 method adjusted for inflation as of 02/28/03.
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(6) Corresponds to the company’s total sales consolidated by the RT4 method adjusted for inflation as of 02/28/03. Excludes turnover tax deduction.
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(7) Cost of acquisition plus improvements, plus capitalized interest of consolidated properties in portfolio at December 31, 2011, adjusted for inflation as of 02/28/03
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(8) Through Alto Palermo S.A.-
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(9) Includes the following properties: Torres de Abasto through APSA (fully sold), units to be received in Beruti through APSA, Torres Jardín, Edificios Cruceros (fully sold), San Martin de Tours, Rivadavia 2768, Alto Palermo Park (fully sold), Minetti D (fully sold),
Dorrego 1916 (fully sold), Padilla 902 (fully sold), Caballito swap receivable and Pereiraola plots through IRSA.
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(10) Includes sales of shares in Abril.-
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(11) Includes the following land reserves: Pontevedra Plot of Land, Isla Sirgadero, San Luis Plot of Land, Mariano Acosta, Merlo and Intercontinental Plaza II through IRSA, Zetol and Vista al Muelle through Liveck and C.Gardel 3134 (fully sold), C.Gardel 3128 (fully sold), Aguero 596 (fully sold), República Arabe Siria (fully sold), Terreno Mendoza(fully sold), Zelaya 3102, Conil, Soleil air space and Others APSA (through APSA).-
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(12) Includes the following properties: Puerto Madero Dock XIII (fully sold). It also includes income from termination and income from expenses recovered in connection with common maintenance fees, stamp tax and associated professional fees.
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(13) Corresponds to the “Development and sale of properties” business unit mentioned in Note 3 to the Consolidated Financial Statements.
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(14) Owned by CYRSA S.A.
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(15) 89% of the square meters were sold under title deed. The Book Value includes Net Realizable Value for $ 418.8 thousand, representing 1% of the total square meters.
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(16) 99.4% of the sales have been recognized in the Net Realizable Value line.
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(17) 69% of the square meters were sold under title deed.
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(18) The Book Value includes Net Realizable Value recorded for $ 7,107.1 thousand as offer letters, representing 26% of the total square meters.
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Hotels
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||||||||||||||||||||||||
in ARS M
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IIQ 12
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IIQ 11
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YoY var
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6M 12 | 6M 11 |
YoY var
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||||||||||||||||||
Revenues
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45.4 | 56.5 | -19.6 | % | 85.0 | 105.1 | -19.1 | % | ||||||||||||||||
Operating Income
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-1.7 | 7.3 | -123.3 | % | -2.6 | 10.9 | -123.9 | % | ||||||||||||||||
Depreciation and amortizations
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3.3 | 3.4 | -2.9 | % | 6.5 | 7.1 | -8.5 | |||||||||||||||||
EBITDA
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1.6 | 10.7 | -85.0 | % | 3.9 | 18.0 | -78.3 | % | ||||||||||||||||
IIQ 12
|
IQ 12
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IVQ 11
|
IIIQ 11
|
IIQ 11
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IQ 11
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|||||||||||||||||||
Average Occupancy
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62.4 | % | 76.3 | % | 61.1 | % | 74.2 | % | 78.8 | % | 75.9 | % | ||||||||||||
Average Rate per Room (ARS/night)
|
703 | 714 | 660 | 776 | 707 | 713 | ||||||||||||||||||
Average Rate per Room (US$/night)
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163 | 171 | 161 | 191 | 178 | 155 |
►
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For the reasons explained above, the hotel segment recorded a decrease in revenues of 19.6%. EBITDA fell 85.0%.
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►
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The hotels located in the City of Buenos Aires have partly offset the reduced operations of our Llao Llao Hotel, featuring occupancy rates of 80% and higher rates.
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Hotels
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Date of Acquisition
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IRSA’s Effective Interest
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Number of Rooms
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Average Occupancy (1)
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Average Price per Room (ARS) (2)
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Accumulated Sales as of December 31 of Fiscal Year
(in thousands of ARS)
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Book Value (in thousands of ARS)
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2012
|
2011
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2010
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|||||||
Intercontinental (3)
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11/01/97
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76.34%
|
309
|
77.1%
|
719
|
45,876
|
40,933
|
30,932
|
52,678
|
Sheraton Libertador (4)
|
03/01/98
|
80.00%
|
200
|
87.4%
|
608
|
29,064
|
22,131
|
18,037
|
39,482
|
Llao Llao (5)
|
06/01/97
|
50.00%
|
201
|
15.1%
|
1,127
|
10,094
|
42,042
|
27,307
|
72,802
|
Terrenos Bariloche (5)
|
12/01/06
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50.00%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
21,900
|
Total
|
-
|
710
|
62.4%
|
703
|
85,035
|
105,106
|
76,276
|
186,862
|
Notes:
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|||||||||
1) Cumulative average for the 3-month period.-
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2) Cumulative average for the 3-month period.-
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3) Through Nuevas Fronteras S.A. (IRSA’s subsidiary).
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4) Through Hoteles Argentinos S.A.-
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5) Through Llao Llao Resorts S.A.-
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Description
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Issue Currency
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Outstanding Amount1
|
Rate
|
Maturity
|
||||||
Short term debt
|
ARS
|
125,968,777 |
Variable
|
< 180 days
|
||||||
US$
|
150,000,000 | 8.50 | % |
Feb-17
|
||||||
IRSA’s Series II Notes due 2020
|
US$
|
150,000,000 | 11.50 | % |
Jul-20
|
|||||
Other Debt
|
||||||||||
IRSA’s Total Debt
|
465,153,201 | |||||||||
Short term debt
|
ARS
|
10,269,517 |
Variable
|
< 7 days
|
||||||
APSA’s Series I Notes due 20122
|
US$
|
5,112,188 | 11.00 | % |
Jun-12
|
|||||
APSA’s Series II Notes due 20173
|
US$
|
120,000,000 | 7.88 | % |
May-17
|
|||||
Other Debt
|
17,760,536 | |||||||||
APSA’s Total Debt
|
153,052,241 | |||||||||
Total Consolidated Debt
|
616,250,003 | |||||||||
1 Principal face value in US$ at an exchange rate of 4.304 ARS = 1 US$, without considering elimination of balances with subsidiaries.
|
||||||||||
2 As of 12/31/11 IRSA held a face value of US$ 1.5 million and APSA had repurchased a face value of US$ 0.5 million
|
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3 As of 12/31/11 APSA had a face value of US$ 10.0 million.
|
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·
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Relevant Events
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·
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That 5% of the income, i.e., the sum of ARS 14,105,200, be transferred to the Legal Reserve account, and that the sum of ARS 211,575,000 be allocated to the payment of a cash dividend, delegating to the Board of Directors its implementation, and that the balance be transferred to the Freely Available Reserves account.
|
·
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To ratify the advance dividend resolved in due course by the Board of Directors for the amount of ARS 130,824,500.
|
·
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To pay a cash dividend in addition to the one already paid as advance dividend, for the amount of ARS 117,054,600, totaling ARS 247,879,100 and to allocate the balance to the “Freely Available Reserves” account, delegating to the Board of Directors the payment thereof within the legal terms.
|
·
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Series III Notes, accruing interest at variable rate (Badlar plus a margin to be tendered) for a principal amount of up to Ps. 70 million, due 18 months after their issue date and repayable in 3 consecutive payments within 12, 15, and 18 months.
|
·
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Series IV Notes, accruing interest at fixed rate, due 24 months after their issue date, for a U.S. dollar equivalent principal amount of up to ARS 70 million, to be subscribed and paid in pesos at the applicable rate of exchange, due 24 months after their issue date and repayable in 4 equal consecutive payments within 15, 18, 21 and 24 months.
|
IRSA Inversiones y Representaciones Sociedad Anónima | |||
By: | /S/ Saúl Zang | ||
Name: Saúl Zang | |||
Title: Responsible for Relationships with the Markets |